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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 0.76% | 3.99% |
Followed by the Society’s Standard Variable Rate for the remaining term of the loan, currently: | 4.75% |
The overall cost comparison is: | 4.7% APRC |
The minimum loan amount is £30,000.00.
The maximum loan amount is £171,000.00.
The maximum purchase price/valuation is £180,000.00
Freehold / Leasehold properties acceptable. (Leasehold conditions apply.)
Property must be applicants main and ONLY residence.The maximum loan to value is 95%.
This scheme is available on new purchases only.
APPLICANTS MUST MEET THE SCHEME CRITERIA, WHICH IS FURTHER DETAILED HERE.
The Society will, subject to compliance with mortgage conditions, offer a 0.76% discount off the Society’s Standard Variable Rate for 2 years, making the (current) rate payable 3.99%. After 2 years the Society’s standard variable rate, currently 4.75% will apply.
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 2.00% of the capital repaid less the permitted 10% 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 2.00% on the excess amount.
This product may be withdrawn without notice.
A mortgage of £129,156.00 payable over 25 years on our discounted rate for 2 years at 0.76% below the Society’s current variable rate making the current rate payable 3.99% (variable), and then on our current variable rate of 4.75% (variable) for the remaining 23 years would require 24 monthly payments of £681.02 and 276 monthly payments of £732.64 plus one initial interest payment of £211.78.
The total amount payable would be £218,815.48 made up of the loan amount plus interest (£89,609.48) and a mortgage exit fee of £50.00.
The overall cost for comparison is 4.7% 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 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2 Year Discount (Purchase) | P017 | View Details | Direct | 2.99% | 2 Years | SVR | £199 | £500 | No | No | 90% (Cumbria Only) 80% (Outside Cumbria) | £30,000 | £275,000 | 1.76% During Disc Period |
|
2 Year Discount – Large Loan (Purchase) | P018 | View Details | Direct | 2.99% | 2 Years | SVR | £699 | £500 | No | No | 90% (Cumbria Only) 80% (Outside Cumbria) | £275,001 | £750,000 (LTV up to 75%), £450,000 (LTV 76% to 90%) | 1.76% During Disc Period |
|
2 Year Fixed Rate (Purchase) | P020 | View Details | Direct Only & Cumbria Only | 3.49% | 2 Years | SVR | £199 | £800 | No | No | 90% | £75,000 | £250,000 | 3% During Disc Period |
|
Shared Ownership (Purchase) | P019 | View Details | Direct | 3.19% | 2 Years | SVR | £199 | Nil | No | No | 90% of share (Cumbria Only) 80% of share (Outside Cumbria) | £50,000 | £250,000 | 1.56% During Disc Period |
|
Standard Variable Rate (Purchase & Remortgage) | SV19 | View Details | Direct | 4.75% | N/A | N/A | £199 | £500 | No | No | 90% (Cumbria Only) 80% (Outside Cumbria) | £30,000 | £750,000 (LTV up to 75%), £450,000 (LTV 76% to 90%) | Yes | None |
Second Home (Purchase & Remortgage) | H2ND | View Details | Direct & Broker | 3.25% | 2 Years | SVR | £249 | £800 | No | No | 75% C&I, 70% IO | £75,000 | £750,000 | 2.00% During Disc Period |
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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.
Find the Answer