Help to Buy (E&W) – 2 Year Discount 75% LTV Remortgage

Product Details

Maximum Loan To Value (LTV)	75%
Initial Interest Rate	7.14% (1.60% 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	8.40% APRC
Interest Calculated	Daily

Representative Example

The following is a representative example based on a mortgage of £230,000 payable over 25 years initially on a discounted variable rate of 7.14% 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 £2,050.02, 23 monthly payments of £1,646.20, 48 payments of £1,695.30 and 228 monthly payments of £1,854.60.

The total amount payable would be £545,084.82 made up of the loan amount plus interest of £314,135.82 and the following costs, a Scheme Fee of £599.00, 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 8.40% 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	£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 to the Introducer by the Society upon completion of the mortgage. Please refer to your Introducer for details.

Additional Information

Age	Minimum - 18 Maximum - 72
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	To be eligible for the scheme, you must: -Be buying an eligible home, with a maximum price of £300,000, from a builder who is registered with the scheme. -Be able to fund at least 80% of the property price through a repayment mortgage and a 5% deposit. To be eligible for the scheme: -Typically, you are only allowed to remortgage and borrow additional funds if you have got permission from Home England and you are using the additional funds to pay back part or all of your equity loan, make structural alterations when you have permission, or fund a transfer of equity. -The loan must not exceed 75% of the total loan to value (including any additional borrowing), normally cannot be more than 75% of the value of your home, unless you’re repaying part of your equity loan. Different amounts apply in London. If your home is in London, your limit will be: •55%, if you have a 40% equity loan. •65%, if you have a 30% from the equity loan. You must check with Home England and have received permission before proceeding with the remortgage.
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.