Borrowing Into Retirement 2 Year Fixed

A mortgage of £143,253.00, payable over 20 years and 5 months (245 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 18 years and 5 months (221 months) would require 24 monthly payments of £715.07 then 221 monthly payments of £941.89 on an interest only basis. The total amount payable would be £369,798.41 made up of the loan amount plus interest (£225,951.41) with a £499.00 product fee, £10.00 CHAPS fee and a redemption 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.

Product Fee   

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

Valuation Fee

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

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.

Mortgage Exit Administration Fee /Additional Fees

£85.00 Redemption Administration Fee. Additional administration fees may apply during the life of your mortgage. Details of these can be found in the Tariff of Charges leaflet.