You can repay lump sums over and above your minimum monthly repayment without any early repayment charge of up to 10% of your capital balance each year. Your capital balance is calculated when you take out your mortgage at at each anniversary. Full details will be found in your Mortgage Illustration (ESIS)
Representative Example
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 a permitted 10% overpayment allowance per year. 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% on the excess amount in years 1 and 2 and 1% on the excess amount in year 3.
Representative Example
A mortgage of £129,616 payable over 25 years on our variable rate for 3 years at 5.79% and then on our current variable rate of 7.74% (variable) for the remaining 22 years would require 36 monthly payments of £818.56 and 264 monthly payments of £963.85 plus one initial interest payment of £308.42. The total amount payable would be £286,216.66 made up of the loan amount plus interest (£154,816.66) a valuation fee of £235, a product fee of £1,499 and a mortgage exit fee of £50.
The overall cost for comparison is 7.6% APRC representative.
This representative example assumes a mortgage completion date on the 15th day of a calendar month.
What is a Representative Example?
Representative Examples include the costs associated with a typical mortgage from Penrith Building Society. They are not specific to your circumstances. For a Mortgage Illustration, which takes into account your specific circmstances please contact us directly using the button below.
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