|Initial Rate1||Currently 4.40%|
|Overall Cost For Comparison2||5.8% APRC|
|Early Repayment Charge||3%|
|Product Fees||£199 application fee, £1,800 completion fee|
A mortgage of £109,000.00 payable over 15 years initially on a variable rate, currently 4.40% for 3 years and then on our current standard variable rate of 5.75% for the remaining 12 years would require 35 monthly payments of £399.67 and 144 monthly payments of £522.25 plus one initial interest payment of £407.33.
The total amount payable would be £201,188.78 made up of the loan amount, plus interest and fee(s) totalling £92,188.78. This includes Application Fee (£199), Valuation Fee (£160), Legal Fees (£255), Chaps Fee (£25), Completion Fee (£1,800) 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
• Minimum loan amount £50,000, maximum loan amount £500,000
• Only available for property to be let to a close relative (i.e. spouse or civil partner, children, parents, brothers and sisters) where landlords are using earned income or other personal wealth in addition to rental income (Top Slicing)
• An early repayment charge of 3% of the agreed advance including any fees added will apply if the mortgage is redeemed at any time during the first 3 years
• Rental income alone must be at least 100% of the monthly mortgage payment calculated at product pay rate (currently 4.40%) on an interest only basis
• A minimum interest rate of 1.5% will apply during the term of the discounted period
• Where property is let to a close relative, the mortgage is regulated by the Financial Conduct Authority (FCA)
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 All our mortgage products are subject to availability and can be withdrawn at any time.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.
All of the mortgages shown are available direct from us via our qualified sales team, please call on the number above, request a call back, or submit a detailed contact request to find out more.
To get an indication of whether this mortgage is right for you, you can use our repayment calculator to see what the potential monthly repayments might be.
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.