Term Discount Mortgage (4.24% variable - APR 4.3%) For First Time Buyers purchasing a property in postcodes LE, DE and NG or existing members only
February 2010
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| Product Interest Rate & Overall Cost for Comparison 4.24% 4.3% APR |
| Product Description This product includes a discount of 0.75% off the Society’s standard variable mortgage interest rate, currently 4.99%, for the term of the mortgage following completion of the loan. The interest rate charged cannot go below 2%. |
| Product Features Valuation Fee Refund- The Society will refund up to £200 for the valuation fee on completion of the mortgage. Partial Lump Sum Repayments – up to 10% of the advanced amount may be repaid in any year within the first three years. Repayments made above the 10% limit will be subject to a charge equivalent to 5%.br> 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 product is available for purchase of residential property for the applicants own use on a repayment basis only. 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 – 90% The maximum LTV’s are subject to Society lending policy. |
| Term Minimum 3 years Maximum 35 years |
| Advance Amount Minimum £25,000 Maximum £250,000 |
| 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 5% of the advance amount is payable 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. 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 within the first three years. Repayments made above the 10% limit will be subject to a charge equivalent to 5%. |
| 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 90% 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. |
Where people make the difference
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE