Later Life 2 - 5 Year Discount 60% LTV

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Later Life 2 - 5 Year Discount 60% LTV

Product details

Maximum Loan To Value (LTV)

60%

Initial Interest Rate

4.69%

Follow On Variable Rate for 1 Year

6.89%

Standard Variable Rate thereafter

8.14%

Overall Cost for Comparison (APRC)

6.70%

Interest Calculated

Daily

Initial Interest Rate: 4.69% (3.45% discount from our Standard Variable Rate for 5 years. The discount is subject to a minimum interest rate floor of 2.00%).

Follow on Discounted Rate: 6.89% (1.25% discount from our Standard Variable Rate for 4 years. The discount is subject to a minimum interest rate floor of 2.00%)

This is a limited issue and the Society reserves the right to withdraw this scheme without notice at any time.

Mortgage Summary

The following is a representative example based on a mortgage of £180,000 payable over 25 years initially on a discounted variable rate of 4.69% for 5 years, a further discounted variable rate of 6.89% for 1 year, followed by our Standard Variable Rate of 8.14%. In this example you would make 60 monthly payments of £1,020.01, 12 payments of £1,219.52 and 228 monthly payments of £1,336.29.

The total amount payable would be £380,558.96 made up of the loan amount plus interest of £200,508.96 and the following cost, a Mortgage Exit Administration Fee (£50.00).

The overall cost for comparison is 6.7% APRC representative.

Note: What you will pay may vary from this and will depend on your personal circumstances.

Early Repayment Charge

4.00% of the redemption balance in year 1.

3.50% of the redemption balance in year 2.

3.00% of the redemption balance in year 3.

2.50% of the redemption balance in year 4.

1.50% of the redemption balance in year 5.

Mortgage Exit Administration Fee

£50.00 (payable on redemption)

Age

Minimum - 18

Maximum - No Maximum Age

Term

Minimum - 5 Years

Maximum - 40 Years

Loan Size

Minimum - £5,000

Maximum - £1,200,000 (Maximum Loan amounts vary by LTV, please refer to our current criteria for details)

Availability and Suitability

Available for existing mortgage customers with a Later Life 2 mortgage of up to 60% LTV, whose special mortgage rate period is coming to an end or wish to switch to another product.

This type of product may be suitable if you wish to keep your repayments low for the first two years and do not mind your payments varying.

Overpayments

The Society will allow overpayments of up to 10% of the redemption balance per annum without invoking an early repayment charge.

Portability

You can keep this mortgage should you move to a new property. This mortgage is portable subject to your status meeting our criteria.

Insurance

Buildings insurance is compulsory in all instances.

What you can expect from us:

  • Individual advice from friendly, qualified mortgage advisers.
  • Legal & valuation incentives (subject to product terms and conditions).
  • A flexible approach to your lending needs.
  • A personal service – one point of contact.
  • A choice of interest-only or capital repayment methods, or a combination of both.
  • We will guide you every step of the way.

At Chorley Building Society, we aim to help you find the mortgage that’s right for you and provide you with the best possible service. Whether looking to purchase a home or remortgage, we are here to help.