Government First Homes Scheme – 2 Year Discount 95% LTV

Product Details

Maximum Loan To Value (LTV)	95%
Initial Interest Rate	6.19% (2.55% 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	8.20% 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 6.19% for 2 years, a further discounted variable 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 £1,819.99, 23 monthly payments of £1,508.80, 48 payments of £1,687.40 and 228 monthly payments of £1,846.00.

The total amount payable would be £539,304.59 made up of the loan amount plus interest of £308,405.59 and the following costs, a Scheme Fee of (£599.00), a Chaps/Telegraphic Transfer fee (£25.00), a Valuation Fee (£200.00), and a Mortgage Exit Administration Fee (£75.00).

The overall cost for comparison is 8.20% APRC representative.

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

Incentives

Cashback - £250.00 for properties completing with an EPC rating of A or B. (Cashback to be paid once the Society has been provided with a copy of the EPC certificate showing a rating of A or B, no later than 3 months following completion.)

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	£599 (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	£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.

First Home Scheme

We are supporting the launch of the Government First Homes scheme to help local first-time buyers and key workers across England to own their own home. First Homes are a new form of affordable housing, sold to first-time buyers at a discount of at least 30% against the market value that remains attached to the property in perpetuity. First Homes will be for first-time buyers only, and councils will be able to prioritise them for local people and for key workers.

Additional Information

Age	Minimum – 18 years Maximum – 72 years
Term	Minimum – 2 years Maximum – 40 years
Loan Size	Minimum - £50,000 Maximum Purchase Price – The purchase price of the property after the discount has been applied – this will be capped at £250,000, or £420,000 inside London. Local Authorities offer a discount of between 30% and 50% of the market value.
Availability	Eligibility criteria may vary, therefore before proceeding with a mortgage, you must have had your application approved under the First Home scheme. 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 Chorley Building Society 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.

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