|Maximum Loan to Value (LTV)||60%|
|Initial Interest Rate||2.29% (2.95% 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||4.8% APRC|
|Age||Minimum – 18 Years|
|Term||Minimum – 2 Years
Maximum – 40 Years
|Maximum Loan||£1,000,000 subject to LTV|
This product is available when any of the applicants will be aged 70 or over at the end of their mortgage term.
Available for existing mortgage customers with a mortgage of up to 60% LTV, whose special mortgage rate period is coming to an end, or wish to switch to another product.
This type of product may be suitable if you wish to keep your repayments low for the first two years and do not mind your payments varying as interest rates change.
|Scheme Transfer Fee||£50.00 (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).|
|Early Repayment Charge||2.95% of the redemption balance for 2 years.|
|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.|
|Representative Example||The following is a representative example based on a mortgage of £159,144.00 over 25 years. Initially 2.29% for 2 years followed by our Standard Variable Rate of 5.24%. This example would require an initial payment of £906.40 then 23 monthly payments of £697.30 and 276 payments of £934.70.
The total amount payable would be £275,046.50 made up of the loan amount, plus interest of £115,777.50 This includes a Mortgage Exit Fee of (£75.00) and a Scheme Transfer fee of (£50).
The overall cost for comparison is 4.8% APRC representative.
Note: What you will pay may vary from this and will depend on your personal circumstances.
This is a limited issue and the Society reserves the right to withdraw this scheme without notice at any time.
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:
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.
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
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.
MIN BTL Rental Figure Required 125% (Basic Rate)
MIN BTL Rental Figure Required 148% (Higher Rate)
This information is for illustrative purposes only and does not contain all the details you need to choose a mortgage.
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.