2 Year Discount Help to Buy Remortgage

Maximum Loan to Value (LTV) 75% LTV
Initial Variable Interest Rate, currently 2.94% (3.05% 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  5.6% 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 2.94% for 2 years followed by our Standard Variable Rate of 5.99%. In this example you would make an initial payment of £1,006.10 then 23 monthly payments of £941.70 followed by 276 monthly payments of £1,261.70.

The total amount payable would be £371,573.40 made up of the loan amount plus interest of £171,004.40 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 5.6% APRC representative.

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

Early Repayment Charge 3.05% of the redemption balance for 2 years.
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 £75.00 (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 mortgage Introducer for details.
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.

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.

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.

Age Minimum – 18 Years
Maximum – No Maximum Age
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.