Generally only available for esbs mortgage borrowers looking to switch an existing mortgage product which completed more than one year ago

  • The Society’s discounted Standard Variable rate (SVR) mortgage schemes have their interest rate set at a specified “discount” level below our Standard Variable Rate (currently 8.39%) for a specific initial scheme period.
  • The initial scheme period for this product is 5 years meaning that the discount applies over a 5 year period. In this 5 year period the discount is 3.00% meaning you would pay a rate of 5.39% (8.39% – 3.00% 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 7.3% APRC representative*
  • No Arrangement or Product Transfer Fee
  • There is a floor of 2.5% on this mortgage which means that the rate of interest charged will not fall below 2.5%
  • 95% maximum loan to value
  • There is an Early Repayment Charge if the mortgage is redeemed or rearranged in the first 3 years, calculated as follows:
    • 2% of the redemption balance is payable within the first 2 years
    • 1.5% of the redemption balance is payable in year 3
  • Available only for esbs mortgage borrowers looking to switch an existing mortgage to this product and to those on the Society’s Self-build product once the property build is completed
  • Any Early Repayment Charge (ERC) due on the current product will be waived provided there is no more than six months before the ERC period ends. If the ERC period on the current product has more than six months left then we will waive 50% of that ERC
*Representative example:
Loan Amount£135,000
Total Amount of Credit£135,000
Term25 years
Property Value£410,000
Product Switch Fee£0
Deeds Release Fee£50
Sealing Fee£100
1 payment at the Society’s SVR less 3.00% (currently 5.39%)£1,098.51
Followed by 59 payments at the Society’s SVR less 3.00% (currently 5.39%)£820.17
Followed by 240 payments at the Society’s SVR (currently 8.39%)£1,036.97
Total Amount Payable£298,511.34
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£163,361.34

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. Maximum loan to value 95%. 75% 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

Higher Lending Charge, if applicable, may be applied to the mortgage with the cost met by esbs


Product Code 303 – September 2023

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