|Maximum Loan to Value (LTV)||95% of the Discounted Purchase Price|
|Initial Interest Rate||2.39% (2.85% 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||4.9% APRC|
Minimum – 18 Years
Maximum – 67 Years
Minimum – 2 Years
Maximum – 40 Years
Minimum Loan £50,000
Maximum Purchase Price The purchase price of the property after the discount has been applied – this will be capped at £250,000, or £420,000 inside London. Local Authorities offer a discount of between 30% and 50% of the market value.
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.
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.
We are supporting the launch of the Government First Homes scheme to help local first-time buyers and key workers across England to own their own home. First Homes are a new form of affordable housing, sold to first-time buyers at a discount of at least 30% against the market value that remains attached to the property in perpetuity. First Homes will be for first-time buyers only, and councils will be able to prioritise them for local people and for key workers.
|Application Fee||There is no application fee payable for this this product|
|Scheme Fee||£599 (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 request).|
|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.|
||£250.00 for properties completing with an EPC rating of A or B. (Cashback to be paid once the Society has been provided with a copy of the EPC certificate showing a rating of A or B, no later than 3 months following completion.)|
|Early Repayment Charge||2.85% 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 £157,152.00 payable over 25 years initially on a discounted variable rate of 2.39 % for 2 years followed by our Standard Variable Rate of 5.24%. In this example you would make an initial payment of £758.14 then 23 monthly payments of £696.40 followed by 276 monthly payments of £922.80.
The total amount payable would be £272,616.94 made up of the loan amount plus interest of £114,260.94 and the following fees, a Scheme Fee (£599.00), a Chaps/Telegraphic Transfer fee (£25.00), a Valuation Fee (£175), 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.