Credit Renew 2 – 2 Year Discount 80% LTV

Maximum Loan to Value (LTV) 80% LTV
Initial Variable Interest Rate, currently 3.99% (2.00% 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  6.0% APRC
Interest Calculated Daily

This product is available for applicants who fall into Category 2 of the Society’s Credit Renew Criteria.

Please see our Credit History Profile section of our lending criteria on our website for more details

The following is a representative example based on a mortgage of £121,233 payable over 25 years initially on a discounted variable rate of 3.99% for 2 years followed by our Standard Variable Rate of 5.99%.  In this example you would make an initial payment of £957.36, then 23 monthly payments of £639.30 followed by 276 monthly payments of £771.90.

The total amount payable would be £230,546.99 made up of the loan amount plus interest of £107,472.66 and the following costs, a Scheme Fee of (£1,212.33), 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 6.0% APRC representative.

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

Early Repayment Charge 2.00% of the redemption balance for 2 years.
Application Fee There is no Application Fee payable for this product.
Scheme Fee 1.00% of the loan (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 by the Society upon completion of the mortgage. Please refer to your mortgage broker for details.
Category 1 Category 2
CCJ Subject to 1 or more CCJs in the last 3 years up to value of £500 that are connected to a credit agreement
  • CCJ (s)registered 3 or more years ago and;
  • Settled over 12 months ago
  • CCJ(s) registered in the last 3 years and/or;
  • Settled less than 12 months ago, or still outstanding
Must be settled before completion
Default Subject to 1 of more default within the last 2 years connected with a credit agreement
  • Amount of default(s) does not exceed £500 and;
  • Settled over 12 months ago
  • Amount of default(s) exceeds £500 and/or;
  • Settled within last 12 months or remains unsettled
Must be settled before completion
Debt Management Plan Subject to a DMP within the last 2 years that started at least 12 months ago that does not include secured or unsecured loans
  • Settled over 12 months ago
  • Settled within the last 12 months or remains unsettled

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.

Age Minimum – 18 Years
Maximum – 67 Years
Term Minimum – 2 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)
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.