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Find the AnswerYOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Key Comparison Notes
| A discount of 1.5% from the Society’s Standard Variable Rate, currently 7.99% for 3 years. | 6.49% |
| Followed by the Society’s Standard Variable Rate for the remaining term of the loan, currently: | 7.99% |
| The overall cost comparison is: | 8.0% APRC |
Special Situations Mortgage
Capital Repayment and Interest Only Basis
Capital Repayment and Interest Only mortgages available.
The minimum loan amount is £30,000.00.
The maximum loan amount is £400,000.
The maximum loan to value is 75%.
The Society will, subject to compliance with mortgage conditions, offer an interest rate of 1.50% below the Society’s Standard Variable Rate, making the current rate payable 6.49%. After 3 years, subject to compliance with mortgage conditions, the Society’s Standard Variable Rate, currently 7.99% will apply.
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 less the overpayment allowance in year 1 and 2 and 1% of the capital repaid less the overpayment allowance in year 3. 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 on the excess amount.
Fees
- Product Fee – £749. Payable in advance. Refundable prior to completion. Can be added to loan (subject to LTV limits) Can be deducted from advance upon completion (subject to LTV limits).
- Valuation Fee – Variable. Payable on application. Not refundable once the valuation has been carried out.
- Mortgage exit fee – £50.00. Payable upon redemption of the mortgage
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.
The product may be withdrawn without notice.
Representative Example
A mortgage of £191,400 payable over 29 years on a variable rate for 3 years at 1.50% below the Society’s current variable rate, making the current rate payable 6.49% (variable), and then on our current variable rate of 7.99% (variable) for the remaining 26 years would require 36 monthly payments of £1,222.21 and 312 monthly payments of £1,402.12 plus one initial interest payment of £510.49. The total amount payable would be £483618.14 made up of the loan amount plus interest (£291,084.14) and a product fee of £749, a valuation fee of £335 and a mortgage exit fee of £50.
The total amount payable would be £562,268.13 made up of the loan amount plus interest (£368,455.13) and an application fee of £299, a product fee of £1,499, a valuation fee of £335 and a mortgage exit fee of £50.
The overall cost for comparison is 8.0% 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.
