Variable Discount for 2 Years (Arrears)

Variable Discount for 2 Years (Arrears)

Initial Pay Rate


Loan to Value






Product Code



Early Replayment Charge:


Things you need to know

Initial Pay Rate

6.19% Initial Pay Rate for 2 years which represents a 2.30% discount off our Standard Variable Rate (SVR) currently (8.49%).

Repayment Basis

Low Start – Interest Only for the first two years reverting to Capital & Interest for the remaining term.


Non-refundable Application Fee: £299.
Arrangement Fee: £649 (Deducted from the loan on completion).

A valuation fee is payable. See fee scale for cost

Minimum Interest Rate

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



Loan Size

Minimum Loan £30,000.
Maximum Loan £1,250,000 up to 50% LTV £1,000,000 up to 60% LTV, (Loans above £500,000 will be considered on an individual basis).

Maximum Loan to Value

Purchase 80% (Land / Construction or Renovation End Valuation)
Remortgage 80% (Land / Construction or Renovation End Valuation)


Overpayments of up to 10% of the mortgage balance are permitted each Society year during the first 2 years and may be made by monthly standing order.

Any additional overpayments above 10% during this period will attract a penalty calculated on the amount of the additional payments.

Property Location

Available for loans on properties in England, Wales and Scotland (Selected Scottish Islands accepted, please refer to criteria).

Procuration Fee

The Society will pay a procuration fee of 0.50% on completion to the intermediary.


This product is available for new mortgage customers only.

Early Repayment Charges

If this mortgage is repaid in full during the first 2 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 £4,424.66 based on £221,233.00.

Representative Example

A mortgage of £221,233.00 payable over 25 years initially on a discounted variable rate of 6.19% for 2 years and then on our Standard Variable Rate (SVR) of 8.49% (variable) for the remaining 23 years would require 24 monthly payments of £1,451.21 and 276 monthly payments of £1,760.92.

The total amount payable would be £522,305.92 made up of the loan amount plus interest (£299,609.92), an Application fee of £299, an Arrangement fee of £649, a Funds transfer fee of £35, a Valuation fee of £355 and a Mortgage Exit Fee of £125.

The overall cost for comparison is 8.2% APRC representative.

Find out More or Apply

Call us on 01782 255000 (selecting option 1 – Hanley Intermediaries then option 1 – New business enquiries).

Lines are Open 9.00am to 5.00pm Monday to Friday (Wednesday 9.30am to 5.00pm).

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