Our Prime Plus 1 – 3 Year Discount Variable Mortgage includes a discount of 2.05% off the Society’s standard variable mortgage interest rate (SVR), currently 5.34% for 3 years giving a current rate payable of 3.29% which will not go below a floor of 1.75%. At the end of the 3 years the Society’s prevailing standard variable mortgage interest rate will apply. The interest rate charged cannot go below 2%.
Prime Plus 1 – 3 Year Discount
Minimum £25,000: Maximum £400,000
Loan to Value (LTV)
Maximum 70% (subject to the Society’s lending policy)
Minimum 3 years: Maximum 40 years
This product is available for the purchase or re-mortgage of 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.
This product is available to borrowers with an impaired credit history but subject to referral to the Society with a full explanation for the credit issues experienced by the customer. Impaired credit history is:
- Arrears over 2 months in the last 2 years
- Any Default in the last 2 years
- No more than 3 CCJ’s not exceeding a combined maximum of £1000
- Been subject to an IVA or DMP within the last 3 years
- Been discharged from Bankruptcy or Repossession for more than 3 years
- Had 3 or more payday loans in the last 12 months
The Society will pay the cost of a standard mortgage valuation fee.
The interest rate charged won’t fall below 2%.
An early repayment charge equivalent to 3% of the advance amount applies if the loan is repaid in full within the first year reducing to 2% of the advance amount in the second and third 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 of 3% of the lump sum repaid in the first year reducing to 2% in the second and third year of the product period.
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.
A valuation for mortgage purposes will be required on application. The Society will pay the cost of a standard mortgage valuation.
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.