Our Credit Repair (Tier 4) 2-Year Fixed Rate product offers a fixed rate of 6.99% for a period of 2 years from completion. Thereafter the interest rate will revert to the Society’s prevailing standard variable mortgage interest rate (SVR), currently 7.89%.
for comparison
Credit Repair (Tier 4) – 2 Year Fixed
Representative Example
6.99%
8.1% APRC
70%
£499
Further information
Advance
Minimum £50,000: Maximum £400,000
Loan to value (LTV)
Maximum 70% (subject to the Society’s lending policy)
Term
Minimum 2 years: Maximum 40 years
Availability
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 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 any one of the following:
- Missed/late payments or defaults of 3 months or more (Credit cards, personal loans, HP, Leasing)
- Arrears on mortgage payments of 3 months or more within the last 2 years and are up to date prior to application,
- Any number of CCJ’s with a total combined amount of more than £5,000 either satisfied or not (but none registered in last 6 months)
- Unsatisfied/Satisfied IVA’s or DMP’s registered over 6 months ago and conducted satisfactorily prior to application
- A discharge from Bankruptcy prior to application
- A previous repossession more than 2 years ago
Free Valuation
The Society will pay the cost of a standard mortgage valuation fee.
Full Repayment
An early repayment charge equivalent to 2% of the outstanding balance applies if the loan is repaid in full within the first year and 1% in the second 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 2% in the first year and 1% in the second year of the product
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.
Product Fee
A fee of £499.00 is payable. This fee can be added to the loan (subject to LTV limits)
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 389282, email at [email protected] or request a call back.