3 year 1.50% Discount (3.49% Variable) APR 4.9%

TITLE

3 year - 1.50% Discount (3.49% variable - APR 4.9%)  Product 00086 & RM086

RATES

3.49%     The overall cost for comparison is 4.9% APR

DESCRIPTION

This product includes a discount of 1.50% off the Society’s standard variable mortgage interest rate, currently 4.99%, for a period of 3 years following completion of the loan. At the end of the 3 years the Society’s prevailing standard variable mortgage interest rate will apply. The interest rate charged cannot go below 2%.

PRODUCT

Legal Fee Incentive for Re-mortgages –

The Society’s appointed Solicitor will act on behalf of the Society to complete the re-mortgage and the Solicitors costs and some of the essential disbursements will be paid by the Society. You will be asked to make an initial payment of  £100 to cover the cost of the remaining fees and you will be asked to meet the cost of any third party fees (if they apply to you).  Any additional work required which is not normally associated with a re-mortgage will be at your own cost.  You are free to take legal advice and instruct Solicitors to act for you but this must be at your own cost.

Advance -

Minimum £25,000 : Maximum £250,000

Loan to Value (LTV) -

Maximum 85% (the maximum LTV's are subject to the Society's lending policy)

Term -

Minimum 3 years : Maximum 35 years

Completion Fee

£499     This fee can be added to the loan on transfer (subject to LTV limits).

Portable?

Yes   -    the mortgage product may be transferred to a new mortgage arranged by the borrower(s) subject to the Society’s lending criteria

EARLY REPAYMENT CHARGE

Full Repayment -

An early repayment charge equivalent to 5% of the advance amount applies if the loan is repaid in full within the first 3 years. Thereafter the Society's standard repayment charges will apply - see Tariff of Charges. The early repayment charge will be waived if the borrower(s) take out a new mortgage with the Society or die before the end of the mortgage term.

Partial Lump Sum Repayment –

Up to 10% of the advanced amount may be repaid in any year of the product rate period without charge. Repayments made above the 10% limit will be subject to a charge equivalent to 5%.

AVAILABILITY

This mortgage product is available for purchase and re-mortgages of residential property in mainland England and Wales for the applicants own use.  All applications are subject to the Society’s general lending criteria, property value and satisfactory status enquiries. This product is a limited edition and cannot be guaranteed until an application has been received

 GENERAL

Valuation Fee -

A valuation for mortgage purposes will be required, the cost of which must be met by the applicant. See separate scale of fees.  

Higher Lending charge -

For loans above 75% LTV the Society will arrange mortgage indemnity insurance. For mortgages up to and including 85% LTV, this charge will be paid by the Society.

 Own Insurance Fee -

The arrangement of suitable buildings insurance is a condition of any mortgage offer made. There is an administration fee of £30 which will be added to the mortgage account on completion should you decide to insure your property with another provider.

CHAPS Fee -

On completion, the advance will be released to the appointed Solicitor by CHAPS (Clearing House Automated Payment Service).  A fee of £30 will be added to the mortgage account on completion to pay for this service.

Mortgage Exit Administration Fee/ Additional Fees -

£140.00 inclusive of £50.00 Deeds Release Fee & £90.00 Sealing Fee  Additional administration fees may apply during the life of your mortgage.  Details of these can be found in the Tariff of Charges leaflet.