This is a variable rate mortgage product which means monthly payments can go up or down during the term of the discount period. This is different to a fixed rate product. The rate of interest is linked to the Society’s Standard Variable Rate (SVR) for mortgages. During the first 5 years, the interest rate charged will be 2.01% below the Society’s SVR – this is the discount period and rate.

The lowest interest rate you might pay during this period will be 2.50% which is called the “floored” rate.  This means that if the Society’s SVR is below 4.51% at any time during the period of the product, you will not benefit from the full rate of discount of 2.01%.

Three months before this product ends, we will contact you with the options available. If you do nothing at the end of the product period, you will move to the Society’s SVR which may mean your payments increase.

This product is available on:

• A Capital & Interest repayment basis. This means your monthly repayments will contribute to paying back the initial loan as well as the monthly interest on the remaining balance. Over time, this will mean the amount owed will reduce and the interest will also reduce.

• An Interest-Only repayment basis. This means that your monthly repayments will only pay back the interest on your initial loan amount. The capital balance will not reduce. You will need to agree with us up front, a suitable method of repaying the initial loan at the end of the mortgage term.

This product is available for properties in England and Wales.

There is a £599 fee payable for setting up this mortgage.

This product is available for loans of at least £125,000 and up to £400,000.

The product requires a joint parental borrower.

If the proposed loan exceeds 80% of the property value (known as LTV), a parental helper is required to provide additional security.

This product requires the youngest borrower to be less than 30 years old at the time of application, be in full time education and have at least one year remaining on their university course.

This product comes with a free valuation of the helper's property being used as security.

This product is designed for customers who are students wanting a residential mortgage with support from a parental helper who:

• are looking to purchase a property.

• have little or no deposit.

• have surplus monthly income to manage their finances if the Society’s SVR goes up which would mean an increase to the monthly repayment amount.

• want the option of exiting the product without any additional fees or overpay their monthly mortgage payment without restriction.

This product is not intended for customers who:

• want or need the certainty of a fixed monthly repayment for the term of the product.

Being a mutual building society, all our products are priced to balance the needs of our Member savers and borrowers and the Society’s operating costs to support the Society’s long-term future.

We support our mortgage customers by providing each applicant with a bespoke, personal, and individual approach. We largely deal with people whose circumstances do not fit into the standard requirements of automated decision-making processes used by larger lenders.

We believe this product represents fair value for the customers it was designed for considering the customer support provided before, during and after the application.