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Find the AnswerYOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
A 2.20% discount off the Society’s Standard Variable Rate for 3 years making the current rate payable. | 5.79% |
After 3 years the Society’s Standard Variable Rate for the remaining term of the loan, currently: | 7.99% |
The overall cost comparison is: | 7.7% APRC |
The minimum loan amount is £75,000.
The maximum loan amount is £500,000.
The maximum loan to value is 80% for repayment mortgages and 50% for interest only.
The minimum income allowed for this mortgage is £40,000 (UK sterling equivalent)
Open to residents of the EU/EEA with the exception of Italy and The Netherlands
The Society will, subject to compliance with mortgage conditions, offer a 2.20% discount off the Society’s Standard Variable Rate for 3 years, making the current rate payable 5.79%. After 3 years the Society’s Standard Variable Rate, currently 7.99% will apply. The rate payable will not go below a floor rate of 3% during the discounted period.
An early repayment charge will be payable if the mortgage is redeemed within the first three years. The early repayment charge will be equivalent to 2% of the capital repaid in years 1 and 2 and 1% of the capital repaid in year 3 less the permitted 10% annual overpayment allowance. Overpayments (monthly or lump sum) up to a total of 10% of the outstanding loan per year are allowed without charge. Any amount repaid over the 10% limit will incur an early repayment charge of 2% of the excess amount in years 1 and 2 and 1% of the excess amount in year 3.
Available for purchases, remortgages and mortgages on existing owner occupied (unencumbered) property and where the borrower works in the UK or overseas for a multinational company but is paid in a currency other than GBP. Acceptable currencies are: Australian Dollars, Canadian Dollar, Chinese CNY/RMB, Denmark Krone, Euro, Hong Kong Dollars, Norway Krone, Qatari Ryals, Saudi Ryal, Singapore Dollars, Swedish Krone, Swiss Francs, US Dollar, U.A.E. (Emirati) Dirhams.
Minimum income £40,000 (sterling equilvalent). For the purposes of affordability, income will be subject to 20% (haircut) reduction, prior to any affordability assessment or the application of a stress test.
Where borrowers are looking to remortgage property, this will be acceptable to the Society. However, the Society will not offer any incentive in terms of free valuations or fee assisted legal work. These expenses will be met by the borrower.
This mortgage is portable, subject to suitable security and underwriting assessment.
Where any part of the loan is arranged on an interest only basis, the interest only element must not exceed 50% LTV. A suitable repayment vehicle sufficient to cover the interest only part of the loan needs to be in place.
This product may be withdrawn without notice.
A mortgage of £167,172.50 payable over 25 years and 8 months years on our discounted rate for 3 years at 2.20% below the Society’s current variable rate, making the current rate payable 5.79% (variable), and then on our current variable rate of 7.99% (variable) for the remaining 22 years and 8 months would require 36 monthly payments of £1,043.56 and a further 272 monthly payments of £1,258.35 plus one initial interest payment of £397.78
The total amount payable would be £382,357.42 made up of the loan amount plus interest (£213,365.92) and an application fee of £249, a product fee of £1,250, a valuation fee of £270 and a mortgage exit fee of £50.
The overall cost for comparison is 7.7% APRC representative.
This representative example assumes a mortgage completion date on the 15th day of a calendar month.
The above representative example is for illustration purposes only and may vary depending on your personal circumstances.
Products | Prod Code | More Details | Distribution | Initial Rate | Initial Period | Reverts to | App Fee | Product Fee | Free Val? | Fee Assisted Legals? | Max LTV | Min Loan Amount | Max Loan Amount | ERC | Features |
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Foreign Currency Residential (Purchase & Remortgage) | P016 | View Details | Direct & Broker | 5.79% | 3 Years | SVR | £249 | £1250 | No | No | 80% | £75,000 | £500,000 | 2% of capital repaid in years 1 and 2 and 1% of capital repaid in year 3 |
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Expat Residential (Purchase & Remortgage) | P012 | View Details | Direct & Broker | 5.79% | 3 Years | SVR | £249 | £1250 | No | No | 75% | £75,000 | £500,000 | 2% of capital repaid in years 1 and 2 and 1% of capital repaid in year 3. |
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Expat Buy to Let (Purchase & Remortgage) | P013 | View Details | Direct & Broker | 5.59% | 3 Years | SVR | £249 | £1350 | No | No | 70% | £75,000 | £500,000 | 2% of capital repaid in years 1 and 2 and 1% of capital repaid in year 3 |
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To make life a little easier we have create a simple Jargon Buster to help you with terms you are unsure of.
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