Maximum Loan To Value (LTV)
90%
Initial Interest Rate
5.55%
Follow On Variable Rate for 1 Year
7.04%
Standard Variable Rate thereafter
8.29%
Overall Cost for Comparison (APRC)
7.20%
Interest Calculated
Daily
Initial Interest Rate: 5.55% (2.74% discount from our Standard Variable Rate for 5 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.
The following is a representative example based on a mortgage of £216,634 payable over 25 years initially on a discounted rate of 5.55% for 5 years, a further discounted rate of 7.04% for 1 year, followed by our Standard Variable Rate of 8.29%. In this example you would make 60 monthly payments of £1,336.80, 12 payments of £1,505.15 and 228 monthly payments of £1,648.42.
The total amount payable would be £474,384.56 made up of the loan amount plus interest of £257,475.56 and the following costs, a Chaps fee (£25.00), a standard Valuation fee (£200.00) and a Mortgage Exit Administration Fee (£50.00).
The overall cost for comparison is 7.20% APRC representative.
Note: What you will pay may vary from this and will depend on your personal circumstances.
North West Property Cashback
£500 cashback will be paid to customers who complete a new mortgage application for a residential property purchase or remortgage in the North West.* For more information click here
*North-West region will include postcode prefixes PR, FY, M, L, WA, LA, BB, SK, OL, CA, CH, BL, SK, CW
Cashback
£250 cashback payable on completion
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.
Application Fee
There is no Application Fee payable for this product.
Scheme Fee
There is no Scheme Fee payable for this product.
Mortgage Exit Administration Fee
£50.00 (paid on redemption).
Standard Valuation Fee
Paid directly to valuer by the applicant – see Valuation Fee Scale for details.
A standard mortgage valuation is required on all properties.
Professional Mortgages
Applicants are eligible for a Professional Mortgage if one or more applicant has qualified into the following professions within the last 3 years:
• Accountants
• Actuaries
• Architects
• Barristers
• Chartered Surveyors
• Commercial Pilots
• Dentists
• Medical Doctors, Locums
• Optometrists
• Pharmacists
• Solicitors
• Vets
We will lend up to a 6x income multiple for the professional applicant and the Society standard income multiple for any additional applicants
This mortgage has the option of a low start interest only basis for the first 5 years. The mortgage will revert to a Capital and Interest repayment basis on the 5th anniversary.
Age
Minimum – 18 years
Maximum – 69 years
Term
Minimum – 5 years
Maximum – 40 years
Loan Size
Minimum - £50,000
Maximum - £1,200,000 (Maximum Loan amounts vary by LTV, please refer to our current criteria for details)
Availability
At least one applicant must be a first time buyer to qualify for this product.
Available to customers who meet our standard lending criteria. Non-standard products are available.
Some property types and locations are not acceptable, speak to your mortgage advisor for more information.
Overpayments
The Society will allow overpayments of up to 10% of the capital 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.
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.
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