5 Year Fixed

A mortgage of £200,091.00, payable over 28 years and 4 months (340 months) initially on a fixed rate for 5 years (60 months) of 5.89% and then on our current standard variable rate of 7.89% for the remaining 23 years and 4 months (280 months) would require 60 monthly payments of £1,211.35 then 280 monthly payments of £1,440.67 on a capital and interest repayment method. The total amount payable would be £477,989.36 made up of the loan amount plus interest (£276,804.36) with £999.00 product fee, £10.00 CHAPS fee and a redemption administration fee of £85.00. The overall cost for comparison is 7.4% representative APRC.

Full Repayment

An early repayment charge equivalent to 5% of the outstanding balance applies if the loan is repaid in full within the first year, 4% in the second year, 3% in the third year, 2% in the fourth year and 1% in the final 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 5% in the first year, 4% in the second year, 3% in the third year, 2% in the fourth year and 1% in the final year of the product period.

Product Fee    

A fee of £1,499.00 is payable.  This fee can be added to the loan (subject to LTV limits)

Higher Lending Charge 

For loans above 80% LTV the Society will arrange mortgage indemnity insurance. For mortgages up to and including 95% LTV, this charge will be paid by the Society.

Valuation Fee

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

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.