There is a minimum mortgage amount of £50,000.
This product has a maximum mortgage amount of £350,000.
There is a minimum valuation of £75,000 which increased to £250,000 for properties located within the M25 corridor.
The maximum loan to value for this product is 90%.
Mortgage repayment terms
Your mortgage term must be a minimum of 5 years and a maximum of 35 years.
Interest rate floor
Your interest rate cannot fall below 2.78%.
Early Repayment Charges
You can make overpayments up to 10% of the original mortgage amount each year. Any payments taking you over this allowance, including redeeming or switching will be subject to an Early Repayment Charge.
The Early Repayment Charge will be as below:
- 3% of the amount repaid until 31/07/2018;
- 2% of the amount repaid until 31/07/2019; and
- 1% of the amount repaid until 31/07/2020.
Mortgage tariff of charges
Our mortgage tariff of charges shows the fees and charges that apply during your mortgage term.
A mortgage of £190,400 payable over 30 years initially on a discounted variable rate until 31 July 2020, currently 2.78% (equal to a 1.96% discount from our SVR) and then our SVR, currently 4.74% for the remaining term would require an initial payment of £794.85 followed by 35 monthly payments of £780.32 and 324 monthly payments of £973.16.
The total amount payable would be £343,984.89 made up of the mortgage amount plus interest (£153,009.89) with a mortgage valuation fee of £275, legal fees of £150, a telegraphic transfer fee of £25 and mortgage exit fees of £125.
The overall cost for comparison is 4.4% APRC representative.