Variable Discount for 2 Years (Arrears)

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This shows what you'll pay each month during your initial deal period. It doesn't consider any charges or fees if you decide to make any changes to your mortgage. Please note this is only an estimate.

Variable Discount for 2 Years (Arrears)

Initial Pay Rate

6.19%

Loan to Value

80%

APRC

8.2%

Fees

£948

Product Code

MDS270

Information

Early Repayment Charge: Yes

Incentives: No

Things you need to know

Availability

This product is available for new mortgage customers only.

This product is available for custom-build.

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.

Fees

Non-refundable Application Fee: £299.
Arrangement Fee: £649 (Deducted from the loan on completion).
Valuation Fee: A valuation fee is payable on application and is non-refundable. The fee charged is dependent upon the price of the property.

Minimum Interest Rate

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


Incentives

None.

Loan Size

Minimum Loan: £30,000

Maximum Loan: £750,000 at 80% LTV, £1,000,000 at 70% LTV, £1,500,000 at 65% LTV, £2,000,000 at 50% LTV (Loans over £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

Overpayments of up to 10% of the mortgage balance are permitted each anniversary 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.

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.

Self-Build Guide

To found out more about Self-build mortgages, read our guide HERE.

Find out More or Apply

Call us on 01782 255000.

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

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