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.
6.45% variable, which includes a 1.65% discount from our Standard Variable Rate for the term of the mortgage.
6.8% APRC
Arrangement fee – 0.30% of the loan amount (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)
Standard Valuation Fee – dependent on the property value
None.
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 3.00% 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 £171,457.00, payable over 18 years, on a capital and interest repayment basis, with a payable rate of 6.45%, which includes a 1.65% discount from our Standard Variable Rate (SVR), currently 8.10%, for the term of the mortgage. The term would require 216 monthly payments of £1,343.70.
The total amount payable would be £291,568.57 made up of the loan amount (£171,457.00), plus interest (£118,782.20), Arrangement Fee (£514.37), Standard Valuation Fee (£445), Solicitor Fee (£250), Funds Transfer Fee (£20), and a Mortgage Exit Fee (£100).
The overall cost for comparison is 6.8% APRC.
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