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 £350,000.
The minimum property value is £75,000 increasing to £250,000 for properties located within the M25 corridor.
The maximum loan to value is 90% 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.
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:
- 6% until 29 February 2020;
- 5% until 28 February 2021;
- 4% until 28 February 2022;
- 3% until 28 February 2023;
- 2% until 29 February 2024; and
- 1% until 28 February 2025.
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 £110,700 payable over 23 years initially on a fixed rate to 28 February 2025, currently 3.39% and then our SVR, currently 5.24%, for the remaining term would require an initial payment of £593.72 followed by 62 monthly payments of £583.32 and 213 monthly payments of £673.37.
The total amount payable would be £180,712.37 made up of the mortgage amount plus interest (£69,487.37) with a mortgage arrangement fee of £999, a mortgage valuation fee of £225, legal fees of £150, a telegraphic transfer fee of £25 and mortgage exit fees of £125.
The overall cost for comparison is 4.5% APRC representative.