Newly Qualified Associate Dentists - Stepped 5 Year Discount from SVR Mortgage
- Discount for 5 years off the Society’s Standard Variable Rate (SVR) currently 5.24% as follows:
- 2.00% in Years 1 and 2 giving a rate of 3.24%
- 1.50% in Years 3, 4 and 5 meaning the rate then changes to 3.74%
- Year 6 onwards will be at the Society’s SVR meaning the rate then changes to that rate which is currently 5.24%
- The overall cost for comparison is 4.7% 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
- There is an Early Repayment Charge if the mortgage is redeemed or rearranged in the first 5 years, calculated as follows:
- 2% of the redemption balance is payable within the first 5 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 2.00% (currently 3.24%) | £634.23 |
| Followed by 23 payments at the Society’s SVR less 2.00% (currently 3.24%) | £601.33 |
| Followed by 36 payments at the Society’s SVR less 1.50% (currently 3.74%) | £633.71 |
| Followed by 240 payments at the Society’s SVR (currently 5.24%) | £720.24 |
| Total Amount Payable | £210,850.98 |
| 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 | £86,605.98 |
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 5 years, calculated as follows:
– 2% of the redemption balance is payable within the first 5 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 | |
these have been included in the APRC calculation
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