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.
*Important Notes:
Our SVR is currently 8.10%. This is set by us and may go up or down in the future.
The Overall Cost for Comparison is given as the Annual Percentage Rate of Charge (APRC) and includes all charges incurred relating to the mortgage/product. The APRC enables you to compare the cost of different products.
The LTV is calculated by us using your current mortgage balance and our current assessed valuation of your property.
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