Fees

• Application Fee – £99   Payable on application. Non-refundable.
• Valuation Fee – Variable. Payable on application. Not refundable once the valuation has been carried out

If the mortgage is arranged on an interest only basis with the mortgaged property being the repayment vehicle, the Society will require a five yearly review of the value of the property, the cost of which will be borne by the borrower. The cost of each revaluation will be in the region of £100. If the balance outstanding exceeds 70% at the time of the revaluation, the Society may require the balance on the mortgage to be reduced accordingly.

If the mortgage is on an interest only basis, compliance with the terms and conditions of the mortgage contract does not ensure repayment of the total amount of credit, as the monthly repayments required will only repay the interest on the mortgage and not the capital outstanding. There will be a cost for search fees that will be payable to the Society.  In some instances, there may be the need to instruct a Solicitor and these costs will also be payable by you. If your original mortgage loan, is presently benefiting from a discount or fixed rate product, once the original mortgage product term comes to an end, the ERC on the additional borrowing loan part can be waived and all parts of your mortgage switched onto a new mortgage product with the Society subject to eligibility.

As this product will apply to property which is not owner occupied, the loan will not be a Mortgage Credit Directive (MCD) regulated mortgage contract under the Financial Conduct Authority’s Mortgage Conduct of Business Regulations.

This mortgage is portable, subject to suitable security and underwriting assessment.

This product may be withdrawn without notice.

Representative Example

A mortgage of £60,000 payable over 8 years on our discounted rate for 3 years at 1.45% below the Society’s current variable rate, making the current rate payable 6.54% (variable), and then on our current variable rate of 7.99% (variable) for the remaining 5 years would require 36 monthly payments of £804.36 and 60 monthly payments of £832.69 plus one initial interest payment of £161.26.

The total amount payable would be £79,404.76, made up of the loan amount plus interest (£19,075.76) and an application fee of £99 and a valuation fee of £230.

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.

The above representative example is for illustration purposes only and may vary depending on your personal circumstances.

If you FAIL to keep up with payments on your mortgage a ‘Receiver of Rent’ may be appointed and/or your rental property may be repossessed.

Further Additional Borrowing Products (Existing Customers only):