Initial Rate

4.70% which includes a 0.50% discount from our standard variable rate for 5 years followed by our standard variable rate for the remainder of the term, currently 5.20%.


Early Repayment Charge

No early repayment charges apply to this mortgage.


An arrangement fee of £499 applies where loan to value is less than 80% or where additional security is in the form of cash.

An arrangement fee of £899 applies where loan to value is over 80% and additional security is a first or second legal charge over the parents’ house.
This fee can be added to the loan on completion as long as the loan to value does not exceed 100% as a result. This will result in interest being charged on it making the overall fee greater over the term of the mortgage.
A valuation fee is payable. This amount varies depending upon the value of the property. 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.


Minimum age of student: 18

Maximum age of student at application: 29
Maximum age of parents at maturity: The earlier of retirement age or 75
Minimum term: 5 years, maximum 25 years
Minimum loan size: £125,000 
Maximum loan size: £300,000
Maximum property value: £300,000
Minimum property value: £125,000
Property location: England & Wales (must be within 10 miles of university campus)
For more information about eligibility for this product please refer to our Frequently Asked Questions and Important Information for Borrowers documents.

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Representative Example

A mortgage of £170,000 payable over 25 years on an initial rate of 4.70% which includes a 0.50% discount from our standard variable rate for 5 years followed by our standard variable rate, currently 5.20%, for the remaining 20 years would require 60 monthly payments of £665.83 and 240 monthly payments of £736.67.

The total amount payable would be £388,619.60 made up of the loan amount plus interest (£216,850.60), arrangement fee (£899), standard valuation fee (£205), Solicitors fee for the purchase (£250), Solicitor fee for collateral security (£245), funds transfer fee (£15) and a Mortgage Exit Fee (£155).
The overall cost for comparison is 5.2% APRC representative.
Vernon Building Society
19 St Petersgate

Tel: 0161 429 6262

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.


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

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

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