Initial Rate

4.24% Fixed until 28.02.2025


Early Repayment Charge

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

5% to 28.02.2021
4% from 01.03.2021 to 28.02.2022
3% from 01.03.2022 to 28.02.2023
2% from 01.03.2023 to 28.02.2024
2% from 01.03.2024 to 28.02.2025


An arrangement fee of £999 applies. This can be added to the loan on completion however 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 applicant: 18

Maximum age of applicant: 85
Minimum term: 5 years, maximum 35 years
Minimum loan size: £75,000
Property location: England & Wales

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Representative Example

A mortgage of £160,000 payable over 22 years based on a capital and interest repayment basis initially on a fixed rate for 68 months at 4.24% and then on our current standard variable rate of 5.20% for the remaining 196 months would require 68 monthly payments of £933.04 and 196 monthly payments of £995.74.
The total amount payable would be £260,315.76 made up of the loan amount plus interest (£98,611.76), arrangement fee (£999), standard valuation fee (£285), Solicitor fee (£250), funds transfer fee (£15) and a Mortgage Exit Fee (£155).
The overall cost for comparison is 4.9% APRC representative.

Head office:

Vernon Building Society
19 St Petersgate

Tel: 0161 429 6262
Fax: 0161 477 3303

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.

For independent information about financial products and services visit

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