Borrowers who are buying or remortgaging their home, have at least 20% deposit/equity and are comfortable with interest rate changes.
It is not designed for borrowers who plan to repay more than 10% in any one year during the discount period or do not plan to live in the property.
5.65% variable, which includes a 2.45% discount from our Standard Variable Rate for 3 years.
Our Standard Variable Rate* for the remainder of the term, currently 8.10%.
7.7% APRC
Arrangement fee - £499 (payable on completion, can be added to the loan)
Funds transfer fee - £20 (payable before completion)
Mortgage exit fee - £100 (payable when the mortgage is fully repaid)
One free valuation included, up to the value of £1,000.
On legal completion, we will contribute £200 towards your legal cost, which will be sent to your solicitor.
A full or partial capital repayment, which exceeds 10% of the capital balance amount in any one year will attract an early repayment charge of:
3% in the 1st year
2% in the 2nd & 3rd year
Purchase or Remortgage
Capital & Interest or Interest-Only
80% - Capital & Interest
60% - Interest-Only
Minimum £100,000 – Maximum £1,000,000
This product is portable and can be transferred from the existing property to a new property.
The interest rate for this mortgage has a ‘floor’, which means that it will never fall below 2.50% during the discount period.
If you add the arrangement fee to the loan, then interest will be charged on it resulting in a greater amount payable over the term of the mortgage.
The mortgage is available on an interest-only basis providing the loan-to-value does not exceed 60%. A suitable strategy for repayment must be in place.
Property must be in England and Wales with a value of £140,000 or more.
Mortgages are subject to underwriting.
This information is to help you understand the typical cost of this mortgage and is not representative of your personal circumstances.
A mortgage of £197,396.00 payable over 27 years, on a capital & interest repayment basis, with an initial discounted rate of 5.65%, which includes a 2.45% discount from our Standard Variable Rate (SVR) for 3 years and then on our SVR, currently 8.10%, for the remaining 24 years. The initial term would require 36 monthly payments of £1,188.94, followed by 288 monthly payments of £1,476.60.
The total amount payable would be £468,931.64, made up of the loan amount (£197,396.00), plus interest (£270,666.64), Arrangement Fee (£499), Solicitor Fee (£250), Funds Transfer Fee (£20), and a Mortgage Exit Fee (£100).
The overall cost for comparison is 7.7% APRC.
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