There is a minimum mortgage amount of £50,000.
This product offers a maximum mortgage amount of £250,000.
There is a minimum property value of £75,000, increasing to £250,000 for properties located within the M25 corridor.
The maximum loan to value for this product is 95% of the purchase price or valuation, whichever is lower.
Interest rate floor
The interest rate on this product is floored which means that your 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
An Early Repayment Charge will apply for any payments taking you over your annual allowance. Each year you can overpay up to 10% of the original mortgage amount without charge.
The Early Repayment Charge will be charged at 2% of the amount repaid during the first year, then 1% of the amount repaid during the second year.
Mortgage tariff of charges
The 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 30 years initially on a discounted variable rate for 2 years from inception, currently 2.99%, (equal to 2.00% discount from our SVR) and then our SVR, currently 4.99% for the remaining term would require an initial payment of £862.85 followed by 23 monthly payments of £846.34 and 336 monthly payments of £1,064.29.
The total amount payable would be £378,505.11 made up of the loan amount plus interest (£177,930.11) with a mortgage arrangement fee of £999, 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 4.8% APRC representative.