Maximum Loan To Value (LTV)
95%
Initial Interest Rate
5.49%
Follow On Variable Rate until 30.04.2031
7.04%
Standard Variable Rate thereafter
8.29%
Overall Cost for Comparison (APRC)
7.60%
Interest Calculated
Daily
Initial Interest Rate: 5.49% (fixed until 30th April 2027)
Maximum LTV 95% LTV of proposed share.
This is a limited issue and the Society reserves the right to withdraw this scheme without notice at any time.
The following is a representative example based on a mortgage of £216,634 payable over 25 years initially on a fixed rate of 5.49% until 30th April 2027, a further discounted rate of 7.04% until 30th April 2031, followed by our Standard Variable Rate of 8.29%. In this example you would make 26 monthly payments of £1,329.03, 48 payments of £1,525.10 and 226 monthly payments of £1,671.22
The total amount payable would be £487,099.06 made up of the loan amount plus interest of £270,190.06 and the following costs, a Chaps fee (£25.00), a standard Valuation fee (£200.00) and a Mortgage Exit Administration Fee (£50.00).
The overall cost for comparison is 7.60% APRC representative.
Note: What you will pay may vary from this and will depend on your personal circumstances.
North West Property Cashback
£500 cashback will be paid to customers who complete a new mortgage application for a residential property purchase or remortgage in the North West.* For more information click here
*North-West region will include postcode prefixes PR, FY, M, L, WA, LA, BB, SK, OL, CA, CH, BL, SK, CW
Early Repayment Charge
2.50% of the redemption balance until 30th April 2026.
1.50% of the redemption balance from 1st May 2026 until 30th April 2027.
Application Fee
There is no Application Fee payable for this product.
Scheme Fee
There is no scheme fee payable for this product.
Mortgage Exit Administration Fee
£50.00 (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.
Age
Minimum – 18 years
Maximum – 72 years
Term
Minimum – 2 years
Maximum – 40 years
Loan Size
Minimum - £50,000
Maximum - £400,000
Availability
Minimum Share of Property Value – 25%
Maximum Share of Property Value – 75%
Loan of up to 95% of the proposed share. The property must be a part of the grant funded scheme in England and Wales and to be let under standard lease arrangements which is to include the mortgagee protection clause.
For more information on the shared ownership scheme please visit:
https://www.gov.uk/shared-ownership-scheme
Available to customers for mortgages secured against their main residential property. This product is available for residential houses only. For confirmation of acceptable property types speak to your mortgage advisor. Designed for borrowers with a limited deposit. The mortgage must be taken on a capital repayment basis. With a discount variable product payments vary as interest rates change. 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.
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.
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.
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