Contractor 2 year discount 85% LTV [RCTD03]
Discounted until 31/07/2019.
Early Repayment Charges apply.
This product may be withdrawn at any time.
Product key features
Who's the product for?
Due to the changing nature of the UK employment market our range of contractor mortgage products has been designed to help borrowers employed in the short term renewable contract arena.
Product related fees
There is an arrangement fee of £999 that can be deducted from the mortgage amount or added to the amount borrowed.
Free standard valuation: We will cover the cost of one standard mortgage valuation.
Free standard legal fees: Your client has the choice of choosing our own solicitors, where we will cover the standard legal fees, or receiving £150 cashback towards their own solicitor's costs. They will be advised of any non-standard costs that may be applicable. If your client chooses to use our solicitors, they will only act for us and will not provide them with independent advice regarding the mortgage transaction.
There is a minimum mortgage amount of £50,000 and a maximum mortgage amount of £450,000.
There is a minimum property value of £75,000 increasing to £250,000 for properties located within the M25 corridor.
The maximum loan to value for this product is 85%.
Interest rate floor
Your clients interest rate is floored and therefore cannot reduce below 2.28%.
Mortgage repayment terms
Your client can repay their mortgage over a minimum of 5 years, or a maximum of 35 years.
Early Repayment Charges
We allow your client to overpay 10% of the original mortgage amount each year without charge. If they switch products or redeem during the product term they will be subject to the full Early Repayment Charge
The Early Repayment Charge will be:
- 2% of the amount repaid until 31/07/2018; and
- 1% of the amount repaid until 31/07/2019.
Always here to help
- Discuss a new case
- Help you understand our criteria
- Talk you through affordability
- Process a new decision in principle
Your home may be repossessed if you do not keep up repayments on your mortgage.