Help To Buy (England & Wales) 2 Year Discount 75% Remortgage

Maximum Loan to Value (LTV)	75% LTV
Initial Variable Interest Rate, currently:	2.79% (2.95% 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:	5.4% 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 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.

Help to Buy Remortgage

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).

Remortgage with additional borrowing – The Borrower may apply to Homes England at any time during the term of the Equity Loan to redeem partly or in full (staircasing) without disposal of the property. The Borrower may only partially redeem if the Specified Proportion (amount being repaid) is at least 10% of the Market Value and only where the remaining proportion (balance outstanding on the Equity Loan) will be 5% or more of the Market Value.

Homes England may also provide consent to re-mortgaging with additional borrowing to fund Homes England approved improvements in the property.

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.

Incentives

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.

Fees

Application Fee	There is no application fee payable for 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 by the Society upon completion of the mortgage. Please refer to your mortgage broker for details.

Additional Information

Early Repayment Charge	2.95% 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 £199,890.00 payable over 25 years initially on a discounted variable rate of 2.79% for 2 years followed by our Standard Variable Rate of 5.74%. In this example you would make an initial payment of £1,094.37 then 23 monthly payments of £926.30 followed by 276 monthly payments of £1,232.90. The total amount payable would be £363,358.67 made up of the loan amount plus interest of £162,789.67 and the following fees, a Chaps/Telegraphic Transfer fee (£25.00), a Valuation Fee (£225.00), Legal Fees (£354.00) and a Mortgage Exit Administration Fee (£75.00). The overall cost for comparison is 5.4% APRC representative. Note: What you will pay may vary from this and will depend on your personal circumstances

This is a limited issue and the Society reserves the right to withdraw this scheme without notice at any time