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

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:

these have been included in the APRC calculation