| 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. |
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.
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.