Initial Interest Rate Payable

Fixed rate for the first 2 years - 3.09%

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

The overall cost for comparison is 5.3% APR.

Benefits

Interest rate fixed for the first 2 years.
Basic valuation/drive-by fee refunded on completion up to a maximum of £400.
Interest calculated daily.
A repayment of capital up to a maximum of 10% of the agreed advance will be allowed each year during the fixed rate period. Any additional capital payment made in any year during the fixed rate period will incur an early repayment charge of 2% of the excess amount.

Maximum Loan to Value

75% inclusive of the arrangement fee.

Loan Size

Minimum £25,001. Maximum £300,000.

Eligibility

Subject to residential owner-occupation on property located in England or Wales and our standard lending criteria. This product is available exclusively direct from us.

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 2% of the agreed advance will be made if the mortgage is redeemed at any time during the first 2 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.

The £999 arrangement fee will be added to the loan and become interest bearing. Borrowers preferring to pay the fee in full may do so on or after the date of completion. The fee may be paid by debit or credit card without incurring additional charges.

Availability

This scheme is subject to availability and may be withdrawn at any time.