Discount Market Scheme – 2 Year Discount 95% LTV (Minimum of 20% OMV Discount)

Product Details

Maximum Loan To Value (LTV)	95%
Initial Interest Rate	6.44% (2.30% 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	8.30% 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 6.44% 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 £1,908.63, 23 monthly payments of £1,544.40, 48 payments of £1,689.60 and 228 monthly payments of £1,848.50.

The total amount payable would be £540,887.63 made up of the loan amount plus interest of £309,988.63 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 8.30% 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.

Discount Market Scheme

The Discount Market Scheme/Sale (DMS) is a low cost home ownership product where a new build property is purchased at a discounted price. The scheme is intended to help low and middle earners get onto the property ladder when they would otherwise struggle to buy a home on the open market by allowing the purchaser to own 100% of the property but at a reduced price. The discount will remain with the property throughout all subsequent sales and the property can only be sold to a person who fits the eligibility criteria.

Not all councils offer the scheme. Councils who do run this scheme set the eligibility criteria and this can vary between areas. Typically, you cannot have an interest in another property, you must usually have a local connection to the area the home is in and there is typically a household earnings threshold. For more details speak to your mortgage adviser and/or contact the local council in the area you would like to buy a home in to enquire about whether they offer the Discounted Market Scheme and their specific eligibility criteria.

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)
Availability	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.