Product related fees
There is an arrangement fee of £999. This fee can be paid up front by deducting the fee from the mortgage amount or added to the amount you borrow.
If you add the fee to your mortgage you will pay interest on the fee at the same rate as your mortgage.
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 meaning the rate cannot fall below 2.64%.
Early Repayment Charges
Up to 10% of the original mortgage amount can be overpaid each year without charge. Payments in excess of 10% will incur an Early Repayment Charge.
In addition, if the mortgage is redeemed or switched to another product during the discount rate product term then an Early Repayment Charge will apply.
The Early Repayment Charge will be calculated at:
- 3% of the amount repaid until 31/01/2018;
- 2% of the amount repaid until 31/01/2019; and
- 1% of the amount repaid until 31/01/2020.
Mortgage tariff of charges
Our mortgage tariff of charges details the various fees and charges that may apply during the term of your mortgage.
A mortgage of £200,000 payable over 19 years initially on a discounted variable rate until 31 January 2020, currently 2.64% (equal to a 2.35% discount from our SVR) and then our SVR, currently 4.99% for the remaining term would require an initial payment of £1,136.60 followed by 24 monthly payments of £1,122.03 and 203 monthly payments of £1,340.65.
The total amount payable would be £300,842.27 made up of the mortgage amount plus interest (£100,217.27) 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 4.6% APRC representative.