2 Year Discount Help to Buy Remortgage (England and Wales)

Maximum Loan to Value (LTV)	75% LTV
Initial Variable Interest Rate, currently:	2.59% (2.65% 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:	5.24% (The Society’s Standard Variable Rate is set by its Board of Directors).
The Overall Cost for Comparison is:	4.9% APRC
Interest Calculated:	Daily

Product Criteria (All Mortgages are subject to status meeting our current criteria)

Age
Minimum – 18 years

Term
Minimum – 2 years
Maximum – 40 years

Minimum Loan £50,000

Maximum Purchase Price: Remortgage with no increase to mortgage loan amount – 75% of Market Value (London Area only maximum LTV based on Equity Loan) please refer to Help to Buy Equity Loan Scheme for further details).

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.

Affordability

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.

Help to Buy Remortgage

Remortgage with no increase to mortgage loan amount (where product fees or costs are to be added these cannot exceed £2,000) and;
Subject to the following maximum Loan to Value limits in England and Wales:

75% of the property value; or
for properties within the London Area only, (where the Equity Loan can exceed 20% of the property value), maximum Loan to Value of proposed remortgage 65% where the Equity Loan is 30% of property value or 55% where the Equity Loan is 40%

For more details speak to your mortgage adviser or go to Help to Buy scheme website at http://www.helptobuy.gov.uk.

Fees

Application Fee	There is no application fee payable for this this product
Scheme Fee	There is no scheme fee payable for this product.
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 to the Introducer by the Society upon completion of the mortgage. Please refer to your Introducer for details.

Additional Information

Cashback	The Society will pay the applicants £500 cashback on completion of the mortgage to support the costs associated with moving their mortgage to the Society.
Early Repayment Charge	2.65% 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.
Representative Example:	The following is a representative example based on a mortgage of £214,199 payable over 25 years initially on a discounted variable rate of 2.59% for 2 years followed by our Standard Variable Rate of 5.24%. In this example you would make an initial payment of £1440.59 then 22 monthly payments of £970.70 followed by 277 monthly payments of £1259.90. The total amount payable would be £372,443.29 made up of the loan amount plus interest of £157,589.29 and the following fees, a Chaps/Telegraphic Transfer fee (£25.00), a Valuation Fee (£225), Legal Fees (£330.00) and a Mortgage Exit Administration Fee (£75.00). The overall cost for comparison is 4.9% APRC representative. Note: What you will pay may vary from this and will depend on your personal circumstances