Discounted Market Value – 2 Year Fixed

A mortgage of £170,258.00, payable over 34 years and 9 months (417 months) initially on a fixed rate for 2 years (24 months) of 5.99% and then on our current standard variable rate of 7.89% for the remaining 32 years and 9 months (393 months) would require 24 monthly payments of £971.71 then 393 monthly payments of £1,189.63 on a capital and interest repayment basis. The total amount payable would be £491,985.00 made up of the loan amount plus interest (£321,133.00) with a £499.00 product fee, £10.00 CHAPS fee, and a mortgage exit administration fee of £85.00. The overall cost for comparison is 7.9% representative APRC.

Full Repayment

An early repayment charge equivalent to 2% of the outstanding balance applies if the loan is repaid in full within the first year and 1% in the second year of the product period. Thereafter the Society’s standard repayment charges will apply – see Tariff of Charges. The early repayment charge may be refunded if the borrower(s) take out a new mortgage with the Society subject to meeting the Society’s criteria.

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 2% in the first year and 1% in the second year of the product period.

Valuation Fee

The Society will pay the cost of a standard mortgage valuation fee.

Product Fee 

A fee of £499.00 is payable.  This fee can be added to the loan (subject to LTV limits)

Mortgage Exit Administration Fee /Additional Fees

£85.00 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.

CHAPS Fee

On completion, the advance will be released to the appointed Solicitor by CHAPS (Clearing House Automated Payment Service). This is at a cost to the borrower of £10.00.