• 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
*Representative example:
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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