Newly Qualified Associate Dentists – Stepped 5 Year Discount Mortgage - Standard Variable Rate (SVR) less 2.40% for 3 Years, then less 1.90% for 2 years

- Our discounted SVR mortgage schemes have their interest rate set at a specified “discount” level below our Standard Variable Rate (currently 5.24%) for a specific initial scheme period.
- The initial scheme period for this product is 3 years meaning that the discount applies over a 3 year period. In this 3 year period the discount is 2.40% meaning you would pay a rate of 2.84% (5.24% – 2.40% discount). The following scheme period for this product is 2 years meaning that the discount applies over a further 2 year period. In this 2 year period the discount is 1.90% meaning you would pay a rate of 3.34% (5.24% – 1.90% discount). However, if the SVR rate increases you would have a higher interest rate than the rate quoted above and your monthly repayments would increase. Conversely, if the SVR rate decreased, you may have a lower interest rate than the rates quoted above and your monthly repayments may decrease. From Year 6 onwards the rate will be at the Society’s SVR meaning the rate then changes to what the SVR is at that time
- The overall cost for comparison is 4.5% APRC representative*
- Booking Fee of £125 payable upfront and non-refundable. There is no arrangement fee
- There is a collar of 2.5% on this mortgage which means that the rate of interest charged will not fall below 2.5%
- Minimum loan £75,000, maximum £300,000
- 90% maximum loan to value (A Higher Lending Charge will be applicable if the loan to value is over 75%)
- There is an Early Repayment Charge if the mortgage is redeemed or rearranged in the first 2 years, calculated as follows:
- 2% of the redemption balance is payable within the first 2 years
- Available for purchase only
- Available to newly qualified dentists holding an Associate position for a minimum of three months
Loan Amount | £123,500 |
Electronic Transfer of Funds (added to loan) | £30 |
Total Amount of Credit | £123,530 |
Term | 25 years |
Property Value | £205,000 |
Booking Fee | £125 |
Valuation Fee (including £25 valuation administration fee) | £290 |
Solicitors Mortgage Fees (Estimate) | £150 |
Deeds Release Fee | £50 |
Sealing Fee | £100 |
1 payment at the Society’s SVR less 2.40% (currently 2.84%) | £585.15 |
Followed by 34 payments at the Society’s SVR less 2.40% (currently 2.84%) | £575.56 |
Followed by 24 payments at the Society’s SVR less 1.90% (currently 3.34%) | £604.58 |
Followed by 241 payments at the Society’s SVR (currently 5.24%) | £712.07 |
Total Amount Payable | £206,851.47 |
The Total Amount Payable is made up of the Total Amount of Credit, other fees payable (not added to the loan), plus the interest of | £82,606.47 |
Your home may be repossessed if you do not keep up repayments on your mortgage
Additional Terms & Conditions
1. The Society will require a first charge over the property
2. Capital repayments and overpayments are permitted subject to a maximum of 20% per financial year of the amount advanced or transferred capital balance. Capital repayments are subject to a minimum of £1,000 over the normal monthly payment
3. Following receipt of a regular overpayment or lump sum, the amount you owe, and so the interest you pay, is reduced immediately
4. There is a Booking Fee of £125, payable upfront and non-refundable
5. There is a collar of 2.5% on this mortgage which means that the rate of interest charged will not fall below 2.5%
6. There is an Early Repayment Charge if the mortgage is redeemed or rearranged in the first 2 years, calculated as follows:
– 2% of the redemption balance is payable within the first 2 years
7. Maximum loan to value 90%. 50% may be on Interest Only if there is a credible repayment strategy in place. The remaining amount must be on a Capital and Interest (repayment) basis.
8. The minimum mortgage amount is £75,000 and the maximum mortgage amount is £300,000.
9. There are other fees which could apply to your mortgage:
Electronic transfer of funds | £30 |
Deeds Release Fee | £50 |
Sealing Fee | £100 |
Estimated legal costs in conjunction with a mortgage and estimated Valuation Fee. Higher Lending Charge if applicable |
these have been included in the APRC calculation
Product Code 255 – Sep 19
