5 Year Discount 95%

Maximum Loan to Value (LTV) 95% LTV
Initial Variable Interest Rate, currently: 3.54% (2.20% discount from our Standard Variable Rate for 5 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: 5.1% APRC
Interest Calculated: Daily

Age
Minimum – 21 years
Maximum – 40 years

Term
Minimum – 5 years
Maximum – 40 years

Minimum Loan £50,000

Maximum Loan £350,000 (Maximum Loan amounts vary by LTV, please refer to our current criteria for details)

Not available to customers who meet the credit renew criteria. Product not available on new build houses.

Available to new first time buyer customers, home movers or remortgage customers for mortgages secured against their main residential property. The mortgage property must be located within the boundary of the North West Region (Lancashire, Merseyside, Manchester, Cumbria & Cheshire). North East Region (Northumberland, Tyne & Wear, County Durham & Tees Valley) & Yorkshire Region (South Yorkshire, West Yorkshire, the East Riding of Yorkshire including Hull, the shire county of North Yorkshire and the City of York), North Lincolnshire and North East Lincolnshire). This product is available for residential houses only. For confirmation of acceptable areas and property types speak to your mortgage advisor.  Designed for borrowers with a limited deposit. The mortgage must be taken on a capital repayment basis With a discount variable product payments vary as interest rates change.

Not available to customers who meet the Credit Renew criteria. Product not available on new build houses.

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.

 

Not available to customers who meet the credit renew criteria. Product not available on new build houses.

Application Fee
There is no Application Fee payable for this product.

Application Fee £0
Scheme Fee 0.75% 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).

Higher Lending Charge Paid by the Society, applies on advances over 80%.
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. Please refer to your mortgage broker for details.
Early Repayment Charge 2.20% 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 £150,960.00 payable over 25 years initially on a discounted variable rate of 3.54% for 5 years followed by our Standard Variable Rate of 5.74%.

In this example you would make an initial payment of £1,036.42, then 59 monthly payments of £759.00 followed by 240 monthly payments of £915.80. The total amount payable would be £267,346.62 made up of the loan amount plus interest of £114,649.42 and the following costs, a Scheme Fee (£1,132.20), a Chaps/Telegraphic Transfer fee (£25.00), a Valuation Fee (£175.00), Legal Fees (£330.00) and a Mortgage Exit Administration Fee (£75.00).

The overall cost for comparison is 5.1% APRC representative.

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