A fee you would have to pay if you want to leave your mortgage during a specified period, usually the period of the initial deal. Any ERCs are detailed within the KFI document provided to you.
A discounted-rate deal is one where the interest rate you are charged is a set amount less than our standard variable rate (SVR). For example, if our SVR was 5.5% and the discount is 1%, you would pay 4.5%. This is a variable rate and should the SVR increase or decrease, the rate you pay […]
This is the amount you are required to put down yourself towards the cost of the property. The minimum deposit you will usually need to obtain a mortgage with the Society is 10% of the purchase price / property value.
The interest chargeable on the outstanding mortgage balance is calculated every day rather than at the end of each week, month or year.
The legal process you must go through when you buy or sell property. This work will usually be undertaken by a solicitor or licensed conveyancer.
If your mortgage deal has a collar, your interest rate will not fall any lower than the specified amount. So if rates drop to 3.75% and your deal is collared at 4%, you’ll miss out on the savings that this lower rate would bring. The Society does not offer collared rate mortgage products at this […]
This is the report produced by the credit reference agency, detailing your credit performance.
Credit reference agencies provide factual information with your consent, about how you have managed your existing and previous credit arrangements, so that we can make a decision about whether to lend you.
County Court Judgement. These are made against you for non-payment of debt, and could make it harder for you to get a mortgage. Even when satisfied, a County Court Judgement will remain visible on your credit file for a number of years.
With this type of mortgage, the lender will give you a certain amount of cash on completion. You should factor this into the total cost of your mortgage over the initial period to decide whether it’s a good deal.