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Discounted Market Value – 3 Year Fixed

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Our Discounted Market Value 3 Year Fixed Rate product offers a fixed rate of 5.85% for a period of 3 years from completion. Thereafter the interest rate will revert to the Society’s prevailing standard variable mortgage interest rate (SVR), currently 7.94%.

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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.

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LTV Amount





Payment Terms




Product
Initial rate
Overall cost
for comparison
Max % LTV
Completion Fee
Mortgage Repayment
 
Discounted Market Value – 3 Year Fixed
Representative Example
5.85%
7.7% APRC
95%
£0
Product
Discounted Market Value – 3 Year Fixed
Representative Example
Initial rate
5.85%
Overall cost for comparison
7.7% APRC
Max% LTV
95%
Completion Fee
£0

Advance

Minimum £25,000: Maximum £350,000

Loan to value (LTV)

Maximum 95% (subject to the Society’s lending policy)

Term

Minimum 3 years: Maximum 40 years

Availability

This product is available for the purchase or remortgage of a residential property under a Discounted Market Value scheme, (including First Homes), 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.

Repayment method – Applications will only be accepted on a capital and interest basis

Free Valuation

The Society will pay the cost of a standard mortgage valuation fee.

 

 

Full Repayment

An early repayment charge equivalent to 3% of the balance remaining applies if the loan is repaid in full within the first year reducing to 2% in the second and 1% in the 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 balance remaining applies if the loan is repaid in full within the first year reducing to 2% in the second and 1% in the third year of the product period.

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). A fee of £10.00 is payable on completion.  This fee can be added to the loan (subject to LTV limits).

Mortgage Exit Administration Fee /Additional Fees

£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.