3 Year Discount

This 3 Year Fresh Start Deposit Guarantee Variable Mortgage offers a discount of 2.00% off our standard variable rate, currently 5.34%, for a period of 3 years from completion, followed by our standard variable rate applicable at that time. The interest rate charged won't fall below 2%.

This product is available to applicants where a family member has agreed to provide a deposit guarantee in the form of a cash deposit in an Assisted Purchase Deposit Guarantee Account or accept a legal charge* over their residential property.  

Initial rate Overall cost for
comparison
Max % LTV Completion
fee
Representative
Example
3.34% 4.9% APRC 100% £499 View

Representative example

A Mortgage of  £139,026.00, payable over 17 years and 4 months (208 months) initially on a discounted rate for 3 years (36 months) of 3.34% and then on our current standard variable rate of 5.34% for the remaining 14 years and 4 months (172 months) would require 36 monthly payments of £881.34 then 172 monthly payments of £1,002.67. The total amount payable would be £205,525.91 made up of the loan amount plus interest (£65,545.91) with a £499.00 completion fee, a £200.00 valuation fee, £30.00 CHAPS fee, £105.00 legal fees, and £120.00 mortgage exit administration fee. The overall cost for comparison is 4.9% representative APRC.

Key Features

Advance        

Minimum £25,000: Maximum £350,000

Loan to Value (LTV)

Maximum 100% 

Term              

Minimum 3 years Maximum 35 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* and part cash deposit in an Assisted Purchase Deposit Guarantee Account.

This product is available on a capital and interest only basis for the purchase and 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 value and satisfactory status enquiries. This product is a limited edition and can't be guaranteed until an application has been received.  

Portability

The mortgage product may be transferred to a new mortgage arranged by the borrower(s) subject to the Society’s lending criteria.

Important Information

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

*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.

You can find details of the Assisted Purchase Deposit Guarantee Account here.

Early Repayment Charge Fees How to apply