Interest Only for Term - 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.

Interest Only for Term - Variable Discount for 2 Years (Arrears)

Initial Pay Rate

6.15%

Loan to Value

70%

APRC

8.3%

Fees

£1498

Product Code

MDS281

Information

Early Repayment Charge: Yes

Incentives: No

Things you need to know

Availability

This product is available for new mortgage customers only.

Repayment Basis

Interest Only for the term of the mortgage (Applicants must meet the Society's Interest Only Criteria)

Fees

Non-refundable Application Fee: £299.00

Arrangement Fee: £1,199.00 (Deducted from loan on completion)

Valuation fee: Subject to property value

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: £500,000@70% LTV,£1,000,000 @ 60% LTV, £1,250,000 @ 50% LTV

Maximum Loan to Value

Purchase - 70% (Land/Construction or Renovation End Valuation) Remortgage - 70% (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 6.15% which represents a discount of 2.34% off the Society's Standard Variable Rate (SVR), for 2 years and then on our SVR of 8.49% (variable) for the remaining 276 months would require 24 monthly payments of £1,133.82 and 276 monthly payments of £1,565.22. The total amount payable would be £682,484.34 made up of the loan amount plus interest (£459,213.34), a funds transfer fee of £35.00, an application fee of £299.00, an arrangement fee of £1,199.00, a valuation fee of £380.00 and a mortgage exit fee of £125.00.

The overall cost for comparison is 8.3% APRC representative^.

Self-Build Guide

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

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