Standard Variable Mortgage Direct Only

TITLE

Loughborough Standard Variable Mortgage

(4.99% variable – APR 5.2%)

RATES

4.99%      The overall cost for comparison is 5.2% APR

DESCRIPTION

The Society’s standard variable mortgage interest rate

PRODUCT

Advance -

Minimum £5,000 : Maximum £1,500,000

Loan to Value (LTV) -

House Purchase – 85% .
Re-mortgage – 85%   (LTV's are subject to the Society's lending policy)

Term -

Minimum 5 years : Maximum 35 years

Completion Fee

£249     This fee can be added to the loan on completion (subject to LTV limits).

EARLY REPAYMENT CHARGE

Full Repayment -

An early repayment charge equivalent to 2% of the advance amount applies if the loan is repaid in full within the first 12 months. 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 –

Partial Lump Sum Repayments - may be made at any time without early repayment charges.

AVAILABILITY

 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.