Family Deposit Mortgage 2 Year Discount

A mortgage of £232,282.00, payable over 25 years and 0 months (300 months) initially on a discounted rate for 2 years (24 months) of 6.09% and then on our current standard variable rate of 7.89% for the remaining 23 years and 0 months (276 months) would require 24 monthly payments of £1,509.40 then 276 monthly payments of £1,760.40 on a capital and interest repayment method. The total amount payable would be £523,683.49 made up of the loan amount plus interest (£290,807.49) with a £499.00 product fee, £10.00 CHAPS fee, and £85.00 redemption administration fee. The overall cost for comparison is 7.9% representative APRC.

Full Repayment

An early repayment charge equivalent to 0.50% of the outstanding balance applies if the loan is repaid in full in the first year, and 0.25% in the second year. 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 of 0.50% in the first year and 0.25% in the second year.

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.

Valuation Fee

The Society will pay the cost of a standard mortgage valuation for the mortgaged property and where applicable the valuation of the property providing the collateral charge.

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 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.