|Initial Rate1||Currently 4.49%|
|Overall Cost For Comparison2||5.8% APRC|
|Early Repayment Charge||2%|
|Product Fees||£199 application fee, £999 completion fee|
A mortgage of £108,000 payable over 35 years initially on a variable rate, currently 4.49% for 2 years and then on our current standard variable rate of 5.75% for the remaining 33 years would require 23 monthly payments of £510.95 and 396 monthly payments of £597.00 plus one initial interest payment of £53.32.
The total amount payable would be £250,039.17 made up of the loan amount, plus interest and fee(s) totalling £142,039.17. This includes Application Fee (£199), Valuation Fee (£194), Legal Fees (£255), Chaps Fee (£25), Completion Fee (£999) and Redemption Administration Fee (£150).
The overall cost for comparison is 5.8% APRC representative.
Your home may be repossessed if you do not keep up repayments on your mortgage
Where a product includes a “free legal fees” package for remortgages, via our nominated solicitor, the Society will pay the legal fees to the nominated solicitor for a simplified “fast track” process. Under this process the solicitor will be acting on behalf of the Society and not on your behalf. Normal conveyancing checks will not be made as the applicants will already live in or own the property.
If there are any additional legal requirements or costs that are not covered by this “fast track” process then the “free legal fees” package may not be available and applicants will have to pay additional legal costs, including those incurred on behalf of the Society, to the solicitor.
Examples of these include the requirement for face to face or independent legal advice as a mortgage or product condition, changing names on title deeds, correcting title defects, postponement of charges and additional searches. Please contact us if you require more information on the circumstances where “free legal fees” will not apply.
Unless otherwise stated, our mortgage products are available for house purchase or remortgage. All our mortgage products are subject to availability and can be withdrawn at any time.
All mortgage applications are manually underwritten by our experienced underwriters and are subject to a full assessment against our lending criteria.
It is important that you take time to read and understand the mortgage product features detailed above and the information about our Residential or Buy to Let mortgages detailed in the General Information Guides.
Please contact our Intermediary Support team for further details. You can check affordability on our website and submit a DIP request or request an ESIS from our online portal. You can apply either online or through the post.
1. The Initial Rate is the rate available during the initial term of the mortgage. Once the initial rate term has expired, the mortgage will revert to our Standard Variable Rate (SVR).
Our SVR is set by us and is currently 5.75%, as a variable rate it may go up or down.
2. The Overall Cost for Comparison is given as the Annual Percentage Rate of Charge (APRC) and includes all charges incurred relating to the mortgage. The APRC is intended to help you as a borrower compare the interest rates on different products.
3. Like all other mortgage lenders, we will allow you to borrow against a proportion of the overall property value. This is known as Loan to Value (LTV) and is expressed as a percentage. For example, if you want to purchase a property at £100,000 and you would like to borrow £85,000, then you will need a mortgage available at 85% Loan to Value (LTV). The available LTV can vary depending upon the type of mortgage.
Shared Ownership mortgages will offer two percentages under LTV – the proportion of the property value and the proportion of the share being purchased.