• 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
*Representative example:
Loan Amount£123,500
Electronic Transfer of Funds (added to loan)£30
Total Amount of Credit£123,530
Term25 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

Share this contentShare on Facebook
Facebook
Tweet about this on Twitter
Twitter
Share on LinkedIn
Linkedin
paper airplan Print this page