Initial Interest Rate Payable

Variable rate for the first 3 years - currently 3.48%

then pay the standard variable rate for the rest of the mortgage - currently 5.59%.

The overall cost for comparison is 5.0% APR.

Minimum rate payable of 2% will apply during the discounted period.

Benefits

Standard variable rate discounted by 2.11% for the first 3 years.
Drive-by fee refunded on completion.
No application or completion fees.
Free legal fees via our nominated solicitors.
No chaps/telegraphic transfer fee payable on completion.
Interest calculated daily.
A repayment of capital up to a maximum of 10% of the agreed advance will be allowed each year during the discounted period. Any additional capital payment made in any year during the discounted period will incur an early repayment charge of 3% of the excess amount.
Repayment options: Capital repayment, interest only or part capital repayment/part interest only. Evidence of an acceptable repayment vehicle to repay any interest only element of the loan must be available on application.
Available up to a maximum repayment term of 35 years subject to a maximum age of 85 at the end of the mortgage term.

Maximum Loan to Value

75% of the valuation

Loan Size

Minimum £50,000. Maximum £300,000.

Eligibility

Subject to residential owner-occupation on property located in England or Wales and our standard lending criteria.

Early Repayment Charges and Conditions

Interest will be charged up to and including the date of redemption. In addition, an early repayment charge equivalent to 3% of the agreed advance will be made if the mortgage is redeemed at any time during the first 3 years. This will be waived if a new consecutive loan for at least the same amount as the total mortgage balance outstanding is taken out with us. If a new mortgage for at least the same amount as the total mortgage balance outstanding is taken out within 3 months of full repayment, then the early repayment charge will be refunded.

Availability

This scheme is subject to availability and may be withdrawn at any time.