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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 1.50% | 3.25% |
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 |
Capital repayment or Interest only.
The scheme is available on Remortgages or Purchases.
The minimum loan amount is £75,000.00.
The maximum loan amount is £750,000.00.
The maximum loan to value is 70% on interest only and 75% on capital repayment.
The Society will, subject to compliance with mortgage conditions, offer a 1.50% discount off the Society’s Standard Variable Rate for 2 years, making the current rate payable 3.25%. After 2 years the Society’s Standard Variable Rate, currently 4.75% will apply for the remaining term of the loan.
At no point can the property be rented out. Satisfactory buildings insurance must be provided confirming that the insurers are aware that the property will be unoccupied for a period of time.
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 mortgage is portable, subject to suitable security and underwriting assessment.
This product may be withdrawn without notice.
A mortgage of £196,625.00 payable over 24 years on our discounted rate for 2 years at 1.50% below the Society’s current variable rate, making the current rate payable 3.25% (variable), and then on our current variable rate of 4.75% (variable) for the remaining 22 years would require 24 monthly payments of £984.14 and 264 monthly payments of £1,133.50 plus one initial interest payment of £262.62.
The total amount payable would be £324,584.96 made up of the loan amount plus interest (£126,500.96), an application fee of £249, a product fee of £800.00, a valuation fee of £360 and a mortgage exit fee £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 |
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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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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 – Large Loan (Remortgage) | R262 | View Details | Direct | 2.99% | 2 Years | SVR | £699 | £500 | No | Yes | 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 Discount (Remortgage) | R261 | View Details | Direct | 2.99% | 2 Years | SVR | £199 | £500 | Yes | Yes | 90% (Cumbria Only) 80% (Outside Cumbria) | £30,000 | £275,000 | 1.76% During Disc Period |
|
2 Year Fixed Rate (Remortgage) | R264 | View Details | Direct Only | 3.49% | 2 Years | SVR | £199 | £800 | Yes | Yes | 90% | £75,000 | £250,000 | 3.00% During Disc Period |
|
Shared Ownership (Remortgage) | R263 | View Details | Direct | 3.19% | 2 Years | SVR | £199 | Nil | Yes | Yes | 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