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Family Deposit Mortgage 3 Year Fixed

Intermediaries > Products for Intermediaries > Family Deposit Mortgage 3 Year Fixed

Our Family Deposit 3 Year Fixed Mortgage offers a fixed rate of 3.49% 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 5.34%. The SVR interest rate charged cannot go below 2%.

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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.

Gross annual income





LTV Amount





Payment Terms





Product
Initial rate
Overall cost
for comparison
Max % LTV
Completion Fee
Mortgage Repayment
 
Family Deposit Mortgage 3 Year Fixed
Representative Example
3.49%
4.9% APRC
100%
£0
Product
Family Deposit Mortgage 3 Year Fixed
Representative Example
Initial rate
3.49%
Overall cost for comparison
4.9% APRC
Max% LTV
100%
Completion Fee
£0

Advance 

Minimum £90,000: Maximum £400,000

Loan to Value (LTV)

Maximum LTV – 100% (subject to Society lending policy)

Term

Minimum 3 years: Maximum 40 years

Availability

This product is available to 18+ year old UK residents with sufficient income to afford the mortgage repayments and;

  • where a cash security is deposited in an Assisted Purchase Deposit Guarantee Account or
  • where a family member has agreed to accept a legal charge* over their residential property or
  • a combination of part legal charge* and part cash deposit in an Assisted Purchase Deposit Guarantee Account.

All applications are subject to the Society’s lending criteria, property value and satisfactory status enquiries.

This product is a limited edition and cannot be guaranteed until an application has been received.

*Accepting a legal charge against your residential property may make it more difficult to raise capital against any equity and in the event of default your property may be at risk.

Free Valuation

The Society will pay the cost of a standard mortgage valuation for the mortgaged property and where applicable the valuation of the property providing the collateral charge.

Important Information

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

Full Repayment

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% in the first year reducing to 2% of the amount repaid in the second and third year of the product period.

 

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.

Valuation Fee

The Society will pay the cost of a standard mortgage valuation for the mortgaged property and where applicable the valuation of the property providing the collateral charge.

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.