Credit Renew Definitions Suitable for customers who meet one of the following criteria:
Are not credit impaired but have experienced one of the following scenarios:-
|Maximum Loan to Value (LTV)||80% LTV|
|Initial Variable Interest Rate, currently:||3.20% (2.54% discount from our Standard Variable Rate for 2 years. The discount is subject to a minimum interest rate “floor” of 2.00%)|
|Followed by our Standard Variable Rate thereafter, currently:||5.74% (The Society’s Standard Variable Rate is set by its Board of Directors)|
|The Overall Cost for Comparison is||5.6% APRC|
Minimum – 18 years
Minimum – 2 years
Maximum – 40 years
Minimum Loan £50,000
Maximum Loan £1,000,000 (Subject to LTV)
The following multiples apply:
For 1 or 2 Applicants Up to 4.49 x Total Income
For 3 or 4 Applicants Up to 3.25 x Total Income
Our decision to lend will depend on whether the loan is affordable, which we will determine from an assessment of your income and other financial commitments, alongside the impact of future interest rate increases. To get an idea of how much you may be able to afford please speak to your mortgage advisor.
|Application Fee||£199 Application Fee. (Paid on application).|
|Scheme Fee||1.00% of the loan (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).|
|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||If arranged via an introducer a Procuration fee will be paid to the Introducer by the Society upon completion of the mortgage. Please refer to your Introducer for details.|
|Early Repayment Charge||2.54% of the redemption balance for 2 years.|
|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, the Society will require a copy of the customer’s policy in advance of completion.|
|Representative Example:||The following is a representative example based on a mortgage of £156,611.00 payable over 25 years initially on a discounted variable rate of 3.20% for 2 years followed by our Standard Variable Rate of 5.74%. In this example you would make an initial payment of £814.02 then 23 monthly payments of £759.10 followed by 276 monthly payments of £968.40.
The total amount payable would be £287,921.83 made up of the loan amount plus interest of £129,284.95 and the following costs, a Scheme Fee (£1,566.11), a Chaps/Telegraphic Transfer fee (£25), a Valuation Fee (£175.00), Legal Fees (£330.00), an application fee of £199.00 and a Mortgage Exit Administration Fee (£75.00).
The overall cost for comparison is 5.6% APRC representative.
Note: What you will pay may vary from this and will depend on your personal circumstances.