First Homes Government Scheme 2 Year Discount 95% LTV

Maximum Loan to Value (LTV) 95% of the Discounted Purchase Price
Initial Interest Rate 2.39% (2.85% discount from our 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 5.24% (The Society’s Standard Variable Rate is set by its Board of Directors).
The Overall Cost for Comparison  4.9% APRC
Interest Calculated Daily

Age
Minimum – 18 Years
Maximum – 67 Years

Term
Minimum – 2 Years
Maximum – 40 Years

Minimum Loan £50,000

Maximum Purchase Price The purchase price of the property after the discount has been applied – this will be capped at £250,000, or £420,000 inside London. Local Authorities offer a discount of between 30% and 50% of the market value.

Not available to customers who meet the Credit Renew criteria and not available for applicants who will be aged 70 or over during the mortgage term.

We are supporting the launch of the Government First Homes scheme to help local first-time buyers and key workers across England to own their own home. First Homes are a new form of affordable housing, sold to first-time buyers at a discount of at least 30% against the market value that remains attached to the property in perpetuity. First Homes will be for first-time buyers only, and councils will be able to prioritise them for local people and for key workers.

Application Fee There is no application fee payable for this this product
Scheme Fee £599 (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 (paid on redemption).
Valuation Fee Paid directly to valuer by the applicant – see Valuation Fee Scale for details.

A standard mortgage valuation is required on all properties.

 

Cashback
£250.00 for properties completing with an EPC rating of A or B. (Cashback to be paid once the Society has been provided with a copy of the EPC certificate showing a rating of A or B, no later than 3 months following completion.)
Early Repayment Charge 2.85% of the redemption balance for 2 years
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 Buildings insurance is compulsory in all instances.
Representative Example: The following is a representative example based on a mortgage of £157,152.00 payable over 25 years initially on a discounted variable rate of 2.39 % for 2 years followed by our Standard Variable Rate of 5.24%. In this example you would make an initial payment of £758.14 then 23 monthly payments of £696.40 followed by 276 monthly payments of £922.80.

The total amount payable would be £272,616.94 made up of the loan amount plus interest of £114,260.94 and the following fees, a Scheme Fee (£599.00), a Chaps/Telegraphic Transfer fee (£25.00), a Valuation Fee (£175), Legal Fees (£330.00) and a Mortgage Exit Administration Fee (£75.00).

The overall cost for comparison is 4.9% APRC representative.

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

At Chorley Building Society, we aim to help you find the mortgage that’s right for you and provide you with the best possible service. Whether looking to purchase a home or remortgage, we are here to help.

What you can expect from us:

  • Individual advice from friendly, qualified mortgage advisers.
  • A personal service – one point of contact.
  • A flexible approach to your lending needs.
  • A choice of interest-only or capital repayment methods, or a combination of both.
  • Legal & valuation incentives (subject to product terms and conditions).
  • We will guide you every step of the way.

Step 1

Book an appointment

Meet one of our mortgage advisers who will explain all your options, services and procedures clearly. No jargon. No pressure. Just honest, trusted professional advice with your interests at heart.

    Step 2

    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

    Documentation

    Documentation Required View
    Budget planner View
    Identification criteria View
    Gifted Deposit declaration form View
    x

    Mortgage Payment

    Amortization Calculator

    £
    %

    Monthly Payment

    £1,673,933,442.49

    Total Interest Payable

    £96,308,019,647.55

    Total of Payments
    (Principal + Interest)

    £301,308,019,647.55

    This information is for illustrative purposes only and does not contain all the details you need to choose a mortgage. All the information required will be provided during an interview with one of our mortgage advisers in a European Standardised Information Sheet.

    We accept business from Appointed Representatives (ARs) and Directly Authorised (DA) intermediaries. However you must be registered via a Network or a Mortgage Club to submit a Decision in Principal or Application to us.

    All cases are underwritten individually by our qualified underwriters. Call the mortgage team on 01257 235001.

    x

    Buy to Let Calculator

    Please note that any fees you wish to add, should be added to the BTL loan amount

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    LTV

    0%

    Monthly Mortgage Payment (2.99%) Interest Only

    £0.00

    Monthly Mortgage Payment (Stress Tested 5.50%)

    £0.00

    Rent minus 10 day annual void

    £0.00

    MIN BTL Rental Figure Required 125% (Basic Rate)

    £0.00


    MIN BTL Rental Figure Required 148% (Higher Rate)

    £0.00

    This information is for illustrative purposes only and does not contain all the details you need to choose a mortgage.

    Got an Enquiry? 01257 235001
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