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Versatility Credit Repair – 2 Year Discounted Variable Rate – RCV001

A mortgage available for purchase or remortgage for borrowers who have a stable income and affordability with complex credit characteristics, identified in our Versatility Credit Repair criteria. This product is not designed for customers in persistent arrears.

Key Details

Term 2 years
Initial Rate1 7.49% variable
Overall Cost For Comparison2 8.7% APRC
MAX LTV3 70%
Early Repayment Charge 2% in Year 1, 1% in Year 2
Product Fees £199 Application Fee, No Completion Fee

Product Fees

  • The £199 Application Fee is non-refundable and payable at the point of application

Mortgage calculator

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Representative Example

A mortgage of £230,000.00 payable over 10 years initially on a variable rate, currently 7.49% for 2 years and then on our current standard variable rate of 8.89% for the remaining 8 years would require 23 monthly payments of £2,744.37 and 96 monthly payments of £2,885.10; plus one initial interest payment of £1,459.12.

The total amount payable would be £342,153.23 made up of the loan amount, plus interest and fee(s) totalling £112,153.23. This includes Application Fee (£199), Legal Fees (£255), Chaps Fee (£25) and Redemption Administration Fee (£125).

The overall cost for comparison is 8.7% APRC representative.

A representative example is designed to help understanding of the typical cost of this mortgage. This is not an illustration and is only provided as an example.

Mortgage Product Features

  • The  Initial Rate is discounted by 1.40% below our Standard Variable Rate (SVR) for the first two years, giving a current rate payable of 7.49% variable.
  • At the end of the two years our SVR will apply for the remainder of the mortgage term, currently 8.89% variable.
  • Minimum loan size £50,000
  • Maximum loan size £500,000
  • Capital repayment only
  • Valuation fees payable by customer
  • Available on properties located in England, Wales & Scotland (postcode restrictions apply in Scotland, see our Important Information for Residential Mortgages for further details)
  • Legal fees payable by customer for house purchase
  • Basic legal fees via our nominated solicitor are covered for remortgages in England and Wales only. For remortgages in Scotland, or in England and Wales where a borrower does not choose basic legal fees or is not eligible, we offer a £250 cashback towards legal fees. For more information on legal fees, please see the ‘Are legal fees included?’ section below
  • An Early Repayment Charge of 2% will apply if the mortgage is redeemed at any time during the first year, followed by 1% in the second year. The Early Repayment Charge is a percentage of the balance at the point of redemption.
  • A minimum interest rate of 3.0% will apply during the discounted period

Will the interest rate change?

A discounted variable rate mortgage is discounted from our Standard Variable Rate (SVR), and as a result, the initial rate will go up or down when we change our SVR and by the same amount. We choose when to change our SVR depending on a variety of factors and our SVR is not directly linked to the Bank of England Base Rate (BBR). If the interest rate goes up, we will write to borrowers in advance to inform them of the intended changes.

When borrowers come to the end of the initial rate term, we will write to them to offer them another deal and they can either choose to accept this deal, remortgage to another lender, or should they do nothing, revert onto our Standard Variable Rate (SVR).

Are legal fees included?

Where a product includes a “basic legal fees” package for remortgages (properties in England and Wales only), 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 “basic 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 legal fees will not be covered.

How much are valuation fees?

The fee charged is normally based on the purchase price of the property at the time of inspection. Where the purchase price is preferential or where the price is not known at the time of inspection, the fee charged will be based on the valuation figure. Unless otherwise stated in the product features, a basic valuation fee is payable by the applicant(s).

You can find out more including the fee scale in our Mortgage Valuation Fees document.

Important Information

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.

How to Apply

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.

Your home may be repossessed if you do not keep up repayments on your mortgage

Definitions

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 either revert to our Standard Variable Rate (SVR), or a follow-on rate that is a discount off our SVR.

Our SVR is set by us and is currently 8.89%, as a variable rate it may go up or down. Our follow-on rate is 1.74% below our SVR and is currently 7.15% variable. Our follow-on rate will go up or down with changes to our SVR.

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.

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