Credit Renew 2 – 2 Year Discount 70% LTV

Product Details

This product is available for applicants who fall into Category 2 of the Society’s Credit Renew Criteria.

Please see our Credit History Profile section of our lending criteria on our website for more details Lending Criteria | Chorley Building Society (chorleybs.co.uk)

Maximum Loan To Value (LTV)	70%
Initial Interest Rate	7.44% (1.30% discount from the Society’s Standard Variable Rate for 2 years. The discount is subject to a minimum interest rate floor of 2.00%).
Follow On Variable Rate for 4 Years, currently: Followed by our Standard Variable Rate thereafter, currently:	7.49% 8.74%
The Overall Cost for Comparison is	8.50% APRC
Interest Calculated	Daily

Representative Example

The following is a representative example based on a mortgage of £230,000.00 payable over 25 years initially on a discounted variable rate of 7.44% for 2 years, a further variable discounted rate of 7.49% for 4 years, followed by our Standard Variable Rate of 8.74%. In this example you would make an initial payment of £2,064.83, 23 monthly payments of £1,690.80, 48 payments of £1,697.50 and 228 monthly payments of £1,857.10.

The total amount payable would be £547,452.03 made up of the loan amount plus interest of £318,852.03 and the following costs, a Scheme Fee of (£1,250.00), a Chaps/Telegraphic Transfer fee (£25.00), a Valuation Fee (£250.00), and a Mortgage Exit Administration Fee (£75.00).

The overall cost for comparison is 8.50% APRC representative.

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

Fees

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	£1,250 (can be added to the loan, subject to LTV, or paid on completion. Fees added to the loan will accrue interest. Further details are available on application).
Mortgage Exit Administration Fee	£75 (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.
Procuration Fee	A Procuration Fee will be paid by the Society upon completion of the mortgage. Please refer to your mortgage broker for details.

Credit Renew Criteria

Debt	Category 1	Category 2
CCJ	Subject to 1 or more CCJs in the last 3 years up to value of £500 that are connected to a credit agreement CCJ (s)registered 3 or more years ago and Settled over 12 months ago Must be settled before completion	Subject to 1 or more CCJs in the last 3 years up to value of £500 that are connected to a credit agreement CCJ(s) registered in the last 3 years and/or Settled over 12 months ago Settled less than 12 months ago, or still outstanding
Default	Subject to 1 of more default within the last 2 years connected with a credit agreement Amount of default(s) does not exceed £500 and Settled over 12 months ago Must be settled before completion	Subject to 1 of more default within the last 2 years connected with a credit agreement Amount of default(s) exceeds £500 and/or Settled within last 12 months or remains unsettled Must be settled before completion
DMP	Subject to a DMP within the last 2 years that started at least 12 months ago that does not include secured or unsecured loans Settled over 12 months ago	Subject to a DMP within the last 2 years that started at least 12 months ago that does not include secured or unsecured loans Settled within the last 12 months or remains unsettled

Additional Information

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)
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.

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