Large Loan/LTI 5 Year Fixed
Key features
Advance
Minimum £250,000: Maximum £500,000
Loan to Value (LTV)
Maximum 95% (The maximum LTVs are subject to the Society’s lending policy)
Term
Minimum 5 years: Maximum 40 years
Availability
This product is available for;
- Applicants for the purchase or re-mortgage of residential property in mainland England and Wales for the applicants own use.
- Minimum income £50,000 (sole applicants) or £75,000 (joint applicants).
- Available to applicants requiring an income multiple up to a maximum of 5.5x.
All applications are subject to the Society’s general lending criteria, property valuation and satisfactory status enquiries. This product is a limited edition and cannot be guaranteed until an application has been received.
Valuation Fee
The Society will pay the cost of a standard mortgage valuation fee.
- Initial rate
- 5.99%
- APRC
- 7.4%
- Overall cost for comparison
- Maximum % LTV
- 95%
Summary information
Representative Example
A mortgage of £395,080.00, payable over 26 years and 0 months (312 months) initially on a fixed rate for 5 years (60 months) of 5.99% and then on our current standard variable rate of 7.89% for the remaining 21 years and 0 months (252 months) would require 60 monthly payments of £2,501.09 then 252 monthly payments of £2,914.18 on a capital and interest basis repayment method. The total amount payable would be £887,800.05 made up of the loan amount plus interest (£491,626.05) with a £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.
Early Repayment Charge
Full Repayment
An early repayment charge equivalent to 5% of the remaining 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 fifth 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 fifth year of the product period
Fees
Product Fee
A fee of £999.00 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 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.