Contractors 2 year discount 85% loan to value

Discounted until 31/07/2019.

Early Repayment Charges apply.

This product may be withdrawn at any time.

 
arrangement fee
This can be paid up-front or added to the mortgage. Bear in mind that if you add the fee to your mortgage, you'll pay interest on it at the same rate as your mortgage and as a result will pay more interest over the term of your mortgage.
£999
booking fee
This fee must be paid when you apply for your mortgage.
no fee
initial rate
2.46% discount from our Standard Variable Rate until 31 July 2019.
2.28%
followed by our SVR
Our Standard Variable Rate (or SVR) reflects our cost of lending using a number of factors, including the Bank of England Base Rate. As the SVR is a variable rate it can change at any time.
4.74%
the overall cost for comparison is 4.3% APRC

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 paid up front by deducting the fee from the amount you borrow or added to the mortgage amount.

If you add the arrangement fee to the mortgage then you will pay interest on the fee at the same rate as your mortgage.

Mortgage amounts

The minimum mortgage amount is £50,000 and the maximum mortgage amount is £450,000.

The minimum property value is £75,000 increasing to £250,000 for properties located within the M25 corridor.

The maximum loan to value is 85% of the purchase price or valuation, whichever is lower.

Mortgage repayment terms

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

 

Interest rate floor

The interest rate is floored which means that the rate on your mortgage cannot drop below 2.28%.

Early Repayment Charges

You can repay up to 10% of the original mortgage amount each year without being charged. Payments that exceed 10% will be subject to an Early Repayment Charge.

Additionally, if you redeem your mortgage or switch to another product during the discount rate product term then an Early Repayment Charge will apply.

The Early Repayment Charge will be calculated as follows:

  • 2% of the amount repaid until 31 July 2018; and
  • 1% of the amount repaid until 31 July 2019.
Mortgage tariff of charges

The fees and charges that can apply during the term of your mortgage are detailed on our mortgage tariff of charges download.

Representative example

A mortgage of £203,000 payable over 19 years 8 months initially on a discounted variable rate until 31 July 2019, currently 2.28% (equal to a 2.46% discount from our SVR) and then our SVR, currently 4.74% for the remaining term would require an initial payment of £1,072.03 followed by 23 monthly payments of £1,059.27 and 216 monthly payments of £1,292.15

The total amount payable would be £305,164.64 made up of the mortgage amount plus interest (£101,539.64) with a mortgage arrangement fee of £999, a mortgage valuation fee of £325, legal fees of £150, a telegraphic transfer fee of £25 and mortgage exit fees of £125.

The overall cost for comparison is 4.3% APRC representative.

Matt, from our mortgage team is here to help 0121 557 2551* or arrange a callback
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Your home may be repossessed if you do not keep up repayments on your mortgage.