|Maximum Loan to Value (LTV)||80% LTV|
|Initial Variable Interest Rate, currently:||2.99% (Fixed until 30th November 2022).|
|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:||5.3% APRC|
Minimum Age– 18 years
Maximum Age – 66 years
Minimum Term – Until 30th November 2022
Maximum Term – 40 years
Minimum Loan £50,000
Maximum Loan £1,000,000 subject to LTV
Not available to customers who meet the Credit Renew criteria and not available for applicants who will be aged 70 or over during the mortgage term. For Applicants aged 70 or over during the term of the mortgage, we have Later Life Lending products available.
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||There is no application fee payable for this product.|
|Scheme Fee||0.75% of the advance (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||A Procuration Fee will be paid by the Society upon completion of the mortgage.|
|Early Repayment Charge||2.75% of the redemption balance to 30th November 2022.|
|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.|
|Representative Example||The following is a representative example based on a mortgage of £167,091.00 payable over 25 years initially on a fixed rate of 2.99% until 30/11/2022 followed by our Standard Variable Rate of 5.74%. In this example you would make an initial payment of £1,051.57 then 35 monthly payments of £791.50 followed by 264 monthly payments of £1,021.60. The total amount payable would be £300,339.65 made up of the loan amount plus interest of £131,365.47, Mortgage Exit Administration Fee (£75.00), Chaps Fee (£25.00), Scheme Fee (£1,253.18), Separate Representative Fee (£330.00) and Valuation Fee (£200.00).
The overall cost for comparison is 5.3% APRC representative.
Note: What you will pay may vary from this and will depend on your personal circumstances.