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Find the AnswerYOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
A discount off the Society’s Standard Variable Rate for 2 years of 2.16% | 2.59% |
Followed by the Society’s Standard Variable Rate for the remaining term of the loan, currently: | 4.75% |
The overall cost comparison is: | 4.50% APRC |
This scheme is available on remortgages only.
The minimum loan amount is £30,000.00.
The maximum loan amount is £750,000.00.
The maximum loan to value is 90%.
The Society will, subject to compliance with mortgage conditions, offer a 2.16% discount off the Society’s Standard Variable Rate for 2 years, making the current rate payable 2.59%. After 2 years the Society’s Standard Variable rate, currently 4.75% will apply.
The title of the property to be mortgaged must be registered at the land registry prior to making an application for this mortgage product.
An early repayment charge will be payable if the mortgage is redeemed within the first two years. The early repayment charge will be equivalent to 2.16% of the capital repaid. 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 2.16% on the excess amount.
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This product may be withdrawn without notice.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 £132,782.00 payable over 21 years on our discounted rate for 2 years at 2.16% below the Society’s current variable rate, making the current rate payable 2.5% (variable), and then on our current variable rate of 4.75% (variable) for the remaining 19 years would require 24 monthly payments of £683.69 and 228 monthly payments of £820.11 plus one initial interest payment of £141.33.
The total amount payable would be £204,283.22 made up of the loan amount plus interest (£70,752.22), an application fee of £199.00, a product fee of £500.00 and a mortgage exit fee £50.00.
The overall cost for comparison is 4.50% APRC representative.
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 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2 Year Discounted Remortgage | RD18 | View Details | Broker Direct | 2.59% | 2 Years | SVR | £199 | £500 | Yes | Yes | 90% | £30,000 | £450,000 | 2.16% During Disc Period | Overpayments (monthly or lump sum) up to a total of 10% of the outstanding loan per year are allowed without charge. |
Fees Assist Discount Mortgage | ASFE | View Details | Broker Direct | 3.25% | 2 Years | SVR | Nil | Nil | Yes | Yes | 90% | £75,000 | £450,000 | 2.00% During Disc Period | Overpayments up to 10% of original advance, per annum |
Shared Ownership Remortgage | RESO | View Details | Broker Direct | 2.95% | 2 Years | SVR | Nil | Nil | Yes | Yes | 90% | £50,000 | £250,000 | 1.80% During Disc Period | Overpayments (monthly or lump sum) up to a total of 10% of the outstanding loan per year are allowed without charge. |
Standard Variable Rate | SV18 | View Details | Broker Direct | 4.75% | N/A | N/A | £100 | £175 | No | No | 90% | £30,000 | £750,000, £450,000 | Yes | None |
Second Home Mortgage | H2ND | View Details | Broker Direct | 3.25% | 2 Years | SVR | £249 | £900 | No | No | 75% C&I, 70% IO | £75,000 | £750,000 | 2.00% During Disc Period | Overpayments (monthly or lump sum) up to a total of 10% of the outstanding loan per year are allowed without charge. |
To make life a little easier we have create a simple Jargon Buster to help you with terms you are unsure of.
Find the Answer