Maximum Loan To Value (LTV)
85%
Initial Interest Rate
5.10%
Follow On Variable Rate for 4 Years
6.89%
Standard Variable Rate thereafter
8.14%
Overall Cost for Comparison (APRC)
7.40%
Interest Calculated
Daily
Initial Interest Rate: 5.10% (3.04% discount from our Standard Variable Rate for 2 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.
The following is a representative example based on a mortgage of £180,000 payable over 25 years initially on a discounted variable rate of 5.10% for 2 years, a further discounted variable rate of 6.89% for 4 years, followed by our Standard Variable Rate of 8.14%. In this example you would make 24 monthly payments of £1,062.78, 48 payments of £1,247.26 and 228 monthly payments of £1,366.68.
The total amount payable would be £398,272.34 made up of the loan amount plus interest of £216,978.24 and the following costs, a Scheme Fee of (£999.00), a Chaps/Telegraphic Transfer fee (£25.00), a Valuation Fee (£220.00), and a Mortgage Exit Administration Fee (£50.00).
The overall cost for comparison is 7.4% 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
Early Repayment Charge
2.50% of the redemption balance in year 1
1.50% of the redemption balance in year 2
Application Fee
There is no Application Fee payable for this product.
Scheme Fee
£999 (can be added to the loan, subject to LTV and lending criteria, or paid on completion. Fees added to the loan will accrue interest.
Further details are available on application).
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.
Age
Minimum – 18 years
Maximum – 72 years
Term
Minimum – 2 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
Available for second home loans for commuter homes, weekend homes and homes for dependents up to 85% LTV.
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.
With a variable rate product, payments may vary as interest rates change.
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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