Initial Rate

2.29% which includes a 2.91% discount from our Standard Variable Rate for 2 years followed by our Standard Variable Rate for the remainder of the term, currently 5.20% The interest rate charged is “floored” which means that whereas it may increase, it will never fall below 2.29%.

Incentives

Early Repayment Charge

A full or partial capital repayment, which exceeds 10% of the capital balance amount in any one year during the discount period, will attract an early repayment charge of:

 
2% in the 1st year
2% in the 2nd year

Fees

Eligibility

Lending restricted to England and Wales

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Representative Example

A mortgage of £139,600 payable over 31 years on a capital and interest repayment basis with an initial rate of 2.29% which includes a 2.91% discount from our Standard Variable Rate for 2 years and then on our Standard Variable Rate, currently 5.20% for the remaining 29 years. The first 2 years would require 24 monthly payments of £524.44 followed by 348 monthly payments of £742.36. 

 
The total amount payable would be £271,552.84 made up of the loan amount plus interest (£131,327.84), Standard Valuation Fee (£205), Solicitor Fee (£250), Funds Transfer Fee (£15) and a Mortgage Exit Fee (£155). 
 
The overall cost for comparison is 4.9% APRC representative.
Vernon Building Society
19 St Petersgate
Stockport
SK1 1HF

Tel: 0161 429 6262
Email: info@thevernon.co.uk

Telephone calls are recorded and may be monitored for regulatory and training purposes to help maintain service quality.

*The 'AER' stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Vernon Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (registration number 195475).  You can check this on the Financial Services Register. We are also a participant of the Financial Services Compensation Scheme (FSCS). Details of the scheme can be obtained from www.fscs.org.uk

Telephone calls are recorded and may be monitored for regulatory and training purposes to help maintain service quality.

For independent information about financial products and services visit  www.moneyadviceservice.org.uk