Loughborough Standard Variable Mortgage (4.99% variable – APR 5.2%)
January 2009
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| Product Interest Rate & Overall Cost for Comparison 4.99% 5.2% APR. |
| Product Description The Society’s standard variable mortgage interest rate. |
| Product Features Partial Lump Sum Repayments - may be made at any time without early repayment charges. |
| Availability This product is available for the purchase or re-mortgage of residential property for the applicants own use. All applications are subject to the Society’s general lending criteria, property value and satisfactory status enquiries. |
| Maximum LTV House Purchase – 80% . Re-mortgage – 80% The maximum LTVs are subject to Society lending policy. |
| Term Minimum 5 years Maximum 35 years |
| Advance Amount Minimum £ 5,000 Maximum £1.5M |
| Completion Fee £249 This fee can be added to the loan on completion (subject to LTV limits) |
| Early Repayment Charge 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. |
| 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 80% 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 your 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 £140.00 inclusive of £50.00 Deeds Release Fee & £90.00 Sealing Fee |
| Additional Fees Additional administration fees may apply during the life of your mortgage. Details of these can be found in the Tariff of Charges leaflet. |
Where people make the difference
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE