Search the site

2 Year Discount

Home > Mortgages > Buying a home > 2 Year Discount

Our 2 Year Discount Variable Mortgage offers a discount of 2.19% off the Society’s standard variable mortgage interest rate (SVR), currently 5.34% for 2 years giving a current rate payable of 3.15% which will not go below a floor of 2.00%. At the end of the 2 years the Society’s prevailing standard variable mortgage interest rate will apply. The interest rate charged cannot go below 2%.

Try our mortgage Calculator
Our mortgage calculator is designed to show you how much you could potentially borrow and how much your monthly payments would be. The amount is based solely on your income without deducting household expenses and financial commitments. Your mortgage adviser will take you through the application process and will calculate the amount you can afford to borrow based on your income after the deduction of those expenses and commitments. Further restrictions may apply for specialist products.

Gross annual income





LTV Amount





Payment Terms





Product
Initial rate
Overall cost
for comparison
Max % LTV
Completion Fee
Mortgage Repayment
 
2 Year Discount
Representative Example
3.15%
5.0% APRC
90%
£699
Product
2 Year Discount
Representative Example
Initial rate
3.15%
Overall cost for comparison
5.0% APRC
Max% LTV
90%
Completion Fee
£699

Advance

Minimum £25,000: Maximum £400,000

Loan to Value (LTV)

Maximum 90% (subject to the Society’s lending policy)

Term

Minimum 2 years: Maximum 35 years

Availability

This product is available for the purchase or re-mortgage residential property in mainland England and Wales for the applicants own use. 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.

Important Information

The interest rate charged won’t fall below  2%.

Full Repayment

An early repayment charge equivalent to 2% of the advance amount applies if the loan is repaid in full within the first 2 years. 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 2%.

 

Completion Fee

A fee of £699.00 is payable on completion. 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 90% LTV, this charge will be paid by the Society.

Valuation Fee

A valuation for mortgage purposes will be required on application.  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). A fee of £30.00 is payable on completion.  This fee can be added to the loan subject to LTV limits.

Mortgage Exit Administration Fee /Additional Fees

£120.00 inclusive of £35.00 Deeds Release Fee and £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.

The Loughborough mortgage service is tailored to each individual and offered on a fully advised basis where applicable. Our qualified advisers will spend time with you to understand your mortgage needs and financial circumstances before recommending the most suitable solution for you.

To get in touch with our mortgage team either telephone us on 01509 631950, email at mortgages@theloughborough.co.uk or request a call back here.