Your Home May Be Repossessed If You Do Not Keep Up Repayments On Your Mortgage.
| Maximum Loan To Value (LTV) | 75% |
| Initial Interest Rate | 6.99% (1.75% 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, which from the 20th September 2023 will be: | 8.74% |
| The Overall Cost for Comparison is | 8.90% APRC |
| Interest Calculated | Daily |
The following is a representative example based on a mortgage of £160,000 payable over 25 years initially on a discounted variable rate of 6.99% for 2 years followed by our Standard Variable Rate of 8.74%. In this example you would make an initial payment of £1,374.36, then 23 monthly payments of £1,129.90 followed by 276 monthly payments of £1,304.60. The total amount payable would be £389,230.66 made up of the loan amount plus interest of £227,431.66 and the following costs, a Scheme Fee of (£1499.00), a Chaps/Telegraphic Transfer fee (£25.00), a Valuation Fee (£200), and a Mortgage Exit Administration Fee (£75.00). The overall cost for comparison is 8.90% APRC representative. Note: What you will pay may vary from this and will depend on your personal circumstances. |
| Early Repayment Charge | 2.50% of the redemption balance in year 1 1.50% of the redemption balance in year 2 |
| Application Fee | There is no Application Fee payable for this product. |
| Scheme Fee | £1,499 (can be added to the loan, subject to LTV and lending criteria, or paid on completion. Fees added to the loan will accrue interest. Further details are available on application). |
| Mortgage Exit Administration Fee | £75 (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. |
| Age | Minimum - 21 Maximum - 85 (Interest Only and Part & Part Mortgages) - 90 (Repayment Mortgages) |
| Term | Minimum – 2 years Maximum – 40 years |
| Loan Size | Minimum - £80,000 Maximum - £350,000 (Subject to LTV, please refer to our current criteria for details) |
| Availability | Available to First Time Landlords who intend to use the property for investment purposes only. Must meet Standard Lending Criteria. Not available for properties in Scotland. Further Buy-to-Let lending criteria applies. For full details please contact our experienced underwriters on 01257 235 001 – Option 2 or at intermediaries@chorleybs.co.uk |
| 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 | Landlords insurance on the property to be mortgaged is compulsory. |
Prepare for your appointment
To ensure we provide you with the best possible service, please review the following and bring as much information as possible to your appointment.
For more information, please contact us on 01257 235001
The Society will collect your email address as an alternative means of communication if we cannot reach you via telephone. This data will not be used for any other purpose.
T
he Chorley and District Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered on the Financial Services Register under number 206023. Registered Office: Key House, Foxhole Road, Chorley, Lancashire PR7 1NZ.
Chorley and District Building Society is a member of the Building Societies Association and a participant of the Financial Ombudsman Service and Financial Services Compensation Scheme.
Your telephone conversations with the Society may be recorded. This is to help the Society to improve customer service and to offer additional security. Calls and electronic communications may also be monitored for staff training.