Remortgages Only. 2 year -1.74% Discount Direct Only Maximum LTV 80% (3.25% variable - APR 5.0%)
February 2010
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| Product Interest Rate & Overall Cost for Comparison 3.25% 5.0% APR |
| Product Description This product includes a discount of 1.74% off the Society's standard variable rate, currently 4.99% for a period of 2 years following completion of the loan. At the end of the 2 years the Society’s prevailing standard variable mortgage interest rate will apply. The interest rate charged cannot go below 2%. |
| Product Features 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. 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 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 Re-mortgage 80% The maximum LTV’s are subject to the Society's lending policy. |
| Term Minimum 2 years Maximum 35 years |
| Advance Amount Minimum £ 25,000 Maximum £200,000 |
| Completion Fee £750 This fee can be added to the loan on completion (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 2 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%. |
| 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