Initial Rate

2.49% which includes a 2.71% discount from our standard variable rate for 3 years followed by our standard variable rate for the remainder of the term, currently 5.20%.

Incentives

The Society will cover the cost of one basic mortgage valuation where the property value does not exceed £500k. For properties with a higher value the standard valuation fee will be payable.

If you are remortgaging there will be no legal costs where the Society's appointed solicitor is used. Any additional work required which is not normally associated with a remortgage will be at your own cost. If you use your own Solicitor, the Society will make a contribution of £200 towards your costs.
 
If you are purchasing a property then the Society will make a contribution of £200 towards your legal costs, payable after completion of the mortgage.

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 3% on the excess payment in the first two years followed by 2% in the third year.

Fees

No arrangement fee is payable.

The Society will cover the cost of one basic mortgage valuation where the property value does not exceed £500k. For properties with a higher value the standard valuation fee will be payable. Click here for our latest valuation fee scale.
 
For a comprehensive list of other fees and charges that may apply to you as a mortgage customer, click here.

Eligibility

Minimum age of applicant: 18

Maximum age at maturity: 85

Minimum term: 5 years, maximum 35 years

Minimum loan size: £25,000

Property location: England & Wales

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Representative Example

A mortgage of £120,000 payable over 20 years on an initial rate of 2.49% which includes a 2.71% discount from our standard variable rate for 3 years followed by our standard variable rate, currently 5.20%, for the remaining 17 years would require 36 monthly payments of £635.30 and 204 monthly payments of £780.60.

The total amount payable would be £182,533.20 made up of the loan amount plus interest (£62,113.20), Solicitor fee (£250), funds transfer fee (£15) and a Mortgage Exit Fee (£155).

The overall cost for comparison is 4.5% APRC representative.

Head office:

Vernon Building Society
19 St Petersgate
Stockport
SK1 1HF

Tel: 0161 429 6262
Fax: 0161 477 3303
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

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