3 Year Fixed Rate Direct Only (Product rate 4.99% -APR 5.2%) For direct applicants.
24th August 2009
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| Product Interest Rate & Overall Cost for Comparison 4.99% 5.2% APR |
| Product Description This product offers a fixed rate of 4.99% for a period of 3 years from completion. Thereafter the interest rate will revert to the Society’s prevailing standard variable mortgage interest rate, currently 4.99%. The interest rate charged cannot go below 2%. |
| Product Features Partial Lump Sum Repayments – up to 10% of the advanced amount may be repaid in any year of the product rate period without charge. Portability – the mortgage product may be transferred to a new mortgage arranged by the borrower(s) subject to the Society’s lending criteria. |
| Availability This mortgage product is available for 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. This product is a limited edition and cannot be guaranteed until an application has been received. |
| Maximum LTV House Purchase & Re-mortgage – 80% The maximum LTV’s are subject to the Society's lending policy. |
| Term Minimum 3 years Maximum 35 years |
| Advance Amount Minimum £ 25,000 Maximum £200,000 |
| Completion Fee £499 This fee can be added to the loan (subject to LTV limits) |
| 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. |
| Early Repayment Charge Full Repayment - An early repayment charge equivalent to 5% of the advance applies if the loan is repaid in full during the first 3 years Thereafter the Society’s standard repayment charges will apply – see Tariff of Charges. Early repayment charge will be waived if the borrower(s) take out a new mortgage with the Society or dies 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%. |
| 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 your 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 |
Where people make the difference
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE