monthy repayment
A guide to what your client can expect their monthly repayment to be on this product
£1440.16
arrangement fee
This fee can be paid upfront or added to the mortgage amount. If the fee is added to the mortgage then interest will be payable on the fee at the same rate as the mortgage.
£999
booking fee
This fee must be paid on application. We are unable to accept payment of the fee by credit card.
no fee
initial rate
2.70% discount from our SVR for 3 years from inception
2.24%
followed by our SVR 4.74%
The overall cost for comparison is 4.3% APRC

Discounted for 3 years . Early Repayment Charges apply. . This product may be withdrawn at any time.

Product key features

Who's the product for?

Mortgage Prisoner Notes

This product is specifically available for customers whose mortgages are currently held in closed books.

Following new FCA rules, they can qualify for our modified affordability calculation (further detailed below) where they fit the below criteria:

  • They are up to date with their current mortgage payments;
  • They are not looking to move house;
  • They are not looking to borrow more;
  • They are unable to switch to a better deal due to strict criteria changes; and
  • Their mortgages are held in closed books by inactive lenders or by unregulated firms.

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Product related fees

There is an arrangement fee of £999 that can be deducted from the mortgage amount or added to the amount borrowed. If your client chooses to add the fee to their mortgage, they will pay interest on the fee at the same rate as their mortgage.

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Mortgage amounts

There is a minimum mortgage amount of £100,000 and a maximum mortgage amount of £500,000.

There is a minimum property value of £75,000 which increases to £250,000 for properties located within the M25 corridor.

The maximum loan to value is 75%.

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Interest rate floor

The interest rate is floored and cannot fall below 2.24%.

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Mortgage repayment terms

The minimum repayment term is 5 years and the maximum repayment term is 35 years.

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Early Repayment Charges

Early Repayment Charges apply during the product term. Up to 10% of the original mortgage amount can be overpaid each year without charge, however, if the mortgage is redeemed or switched to another product during the product term, then the Early Repayment Charge will apply.

The Early Repayment Charge will be calculated at:

  • 3% of the amount repaid for the first year;
  • 2% of the amount repaid for the second year; and
  • 1% of the amount repaid for the third year.

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

What do you need to know?

  • Discuss affordability
  • Process your decision in principle
  • Help you understand our criteria
  • Answer any queries
Our Head of Mortgage Sales, Richard is happy to help 0121 521 4000*
Our lines are open:
Monday - Friday9:00 - 17:00
Saturday - SundayClosed
*Calls from landlines are charged at the standard rate. Calls from mobiles may vary.

Your home may be repossessed if you do not keep up repayments on your mortgage.