2 Year Discount Help to Buy Mortgage England & Wales – available 2021 -2023

Maximum Loan to Value (LTV) 75% LTV
Initial Variable Interest Rate, currently 2.99% (3.00% discount from the Society’s 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 5.99%
The Overall Cost for Comparison  5.7% APRC
Interest Calculated Daily

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 2.99% for 2 years followed by our Standard Variable Rate of 5.99%. In this example you would make an initial payment of £1,012.40 then 23 monthly payments of £946.90 followed by 276 monthly payments of £1,262.20.

The total amount payable would be £372,087.30 made up of the loan amount plus interest of £171,268.30 and the following fees, a Scheme Fee (£250), 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 5.7% APRC representative.

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

Early Repayment Charge 3.00% of the redemption balance for 2 years.
Application Fee There is no Application Fee payable for this product.
Scheme Fee £250 (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 £75.00 (paid on redemption).
Standard 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.

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 applicants income and other financial commitments, alongside the impact of future interest rate increases. To get an idea of how much the applicant may be able to afford, please speak to your mortgage advisor.

We are supporting the Government’s Help to Buy scheme (Equity Loan). Applications for the Help to Buy 2021-2023 scheme can be made from Autumn 2020 and will run until March 2023. The scheme aims to help first time buyers only who have a deposit of at least 5% to buy a new build home through offering a shared equity scheme where the Government lends customers up to 20% (40% London) of the value of their property. For more details speak to your mortgage adviser or go to Help to Buy scheme website at http://www.helptobuy.gov.uk.

Age Minimum – 18 Years
Maximum – No Age Limit
Term Minimum – 2 Years
Maximum – 40 Years
Loan Size Minimum – £50,000
Maximum Purchase Price – North East £186,100, North West £224,400, Yorkshire & Humberside £228,100, East Midlands £261,900, West Midlands £255,600, East of England £407,400, London £600,000, South East £437,600, South West £349,000  and Wales £250,000 (Maximum Loan amounts vary by LTV, please refer to our current criteria for details)
Availability Available to customers who meet our standard lending criteria.  Non-standard products are available.

Some property types and locations are not acceptable, speak to your Chorley Building Society mortgage advisor for more information.

With a variable rate product, payments may vary as interest rates change.

Overpayments The Society will allow overpayments of up to 10% of the redemption 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.

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