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%.
Interest rate floor
Your interest rate cannot fall below 2.99%.
Mortgage repayment terms
The minimum repayment term is 5 years and the maximum repayment term is 35 years.
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:
- 2% of the amount repaid during the first year; and
- 1% of the amount repaid during the second year.
Mortgage tariff of charges
Our mortgage tariff of charges shows the fees and charges that apply during your mortgage term.
A mortgage of £200,000 payable over 20 years initially on a discounted variable rate for 2 years from inception, currently 2.99% (equal to a 2.00% discount from our SVR) and then our SVR, currently 4.99% for the remaining term would require an initial payment of £1,124.61 followed by 23 monthly payments of £1,108.19 and 216 monthly payments of £1,299.22.
The total amount payable would be £307,869.50 made up of the mortgage amount plus interest (£107,244.50) with 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 4.7% APRC representative.