4.09% which includes a 1.11% discount from our Standard Variable Rate for 5 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 4.09%.
This mortgage product is portable to a new residential mortgage on a different property when the new mortgage is taken out simultaneously with the repayment of the existing mortgage.
You would need to meet our credit and affordability requirements for the new mortgage, the new property would need to be acceptable to us, and approval of a new mortgage would be subject to our prevailing Lending Policy.
Early Repayment Charge
No early repayment charges apply to this mortgage.
£899 - 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.
Lending restricted to England and Wales
Parental joint borrower required
Youngest borrower (student) to be <=30 years old
If over 80% then an additional legal charge over parents’ property is required.
If a charge over property is provided then this must be equivalent to the amount of the loan that exceeds 75% of the value of the property being purchased.