Retirement Interest Only 5.99% Fixed Rate Mortgage for 5 Years

Name: The Hanley Economic Building Society
Address: Hanley Economic Building Society, Granville House, Festival Park,, Hanley, Stoke-on-Trent, ST1 5TB, GB
Telephone: 01782 255000

Initial Pay Rate: 5.99%

Loan to Value: 70%

APRC: 7.7%

Fees: £799

Information: Early Repayment Charge:; Incentives:

Product Code: MFD701

Information: Early Repayment Charge:; Incentives:

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Things you need to know

Availability

This product is available for new mortgage customers only.

Repayment Basis

Interest Only (RIO)

Fees

Arrangement Fee paid to The Hanley Economic Building Society. The fee can be paid on application or deducted from the loan on completion and interest will be charged on the fee. This fee is non-refundable, except in cases where the application does not proceed to completion £799.00.
CHAPS fee is paid to The Hanley Economic Building Society. The fee can be paid on application or deducted on completion of the loan and interest will be charged on the fee. This non-refundable fee covers the electronic transfer of mortgage funds to you or your solicitor, unless the application does not proceed to completion £35.00.

Minimum Interest Rate

The interest rate on this product will not drop below 2.00%

Incentives

One Free Standard Mortgage Valuation.

Loan Size

Minimum £10,000 Maximum £1,000,000.
Please refer to the following page for more information which details limits by lending type and basishttps://www.thehanley.co.uk/maximum-ltv-and-loan-amounts

Maximum Loan to Value

Purchase 70%
Remortgage 70%

Early Repayment Charges

If this mortgage is repaid in full, or in part, before during the first 5 years an early repayment charge will apply. This will be 2% of the balance repaid during this period. Example – The maximum early repayment charge you could pay is £3,641.20 based on an initial mortgage balance of £182,060.22.

Overpayments

Overpayments of up to 10% of the mortgage balance are permitted each anniversary year for the first 5 years and may be made by monthly standing order or in a lump sum. Any additional overpayments above 10% during this period will attract an early repayment charge calculated on the amount of the additional payments.

Representative Example

A mortgage of £182,060.22 payable over 39 years initially on a Fixed Rate of 5.99% for 5 Years and then on our Standard Variable Rate (SVR) of 7.99% (variable) for the remaining 34 years would require 60 monthly payments of £908.78 and 408 monthly payments of £1,212.22. The total amount payable would be £732,131.45 made up of the loan amount plus interest (£549,112.23), an arrangement fee of £799.00, a CHAPS fee of £35.00, a mortgage exit fee of £125.00. The overall cost for comparison is 7.7% APRC representative^.

Find out More or Apply

Call us on 01782 255000.

Lines are Open 9.00am to 5.00pm Monday to Friday.

Mortgage Enquiry

Call us on 01782 255000 or complete the form below and a member of our team will be in touch

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