Later Life 1 – 5 Year Discount 80%

Maximum Loan to Value (LTV) 80% LTV
Initial Variable Interest Rate, currently 3.44% (2.55% discount from the Society’s Standard Variable Rate for 5 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  5.2% APRC
Interest Calculated Daily

The following is a representative example based on a mortgage of £157,152 payable over 25 years initially on a discounted variable rate of 3.44% for 5 years followed by our Standard Variable Rate of 5.99%.  In this example you would make an initial payment of £885.38, then 59 monthly payments of £781.70 followed by 240 monthly payments of £970.60.

The total amount payable would be £281,577.68 made up of the loan amount plus interest of £122,797.68 and the following costs, a Scheme Fee of (£999.00), a Chaps/Telegraphic Transfer fee (£25.00), a Valuation Fee (£175), Legal Fees (£354) and a Mortgage Exit Administration Fee (£75.00).

The overall cost for comparison is 5.2% APRC representative.

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

Early Repayment Charge 2.55% of the redemption balance for 5 years.
Application Fee There is no Application Fee payable for this product.
Scheme Fee £999 (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 application).
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 applicant 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.

Age Minimum – 18 Years
Maximum – No Maximum Age
Term Minimum – 5 Years
Maximum – 40 Years
Loan Size Minimum – £50,000
Maximum – £1,000,000 (Maximum Loan amounts vary by LTV, please refer to our current criteria for details)
Availability This product is available when any of the applicants will be aged 70 or over at the end of their mortgage term and do not meet our Credit Renew criteria.

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.