Our Buy for University Term Discount Mortgage offers a discount of 0.84% off our standard variable rate, currently 5.34%, for the term of the mortgage. The interest rate charged won’t fall below 2%.
This product is available to applicants who are University/college students in tertiary education, with at least 1 full academic year remaining of the course on completion of the mortgage, assisted by a family member to purchase accomodation for their own use in the city/town of study.
Minimum £90,000: Maximum £400,000
Loan to Value (LTV)
Minimum 2 years: Maximum 7 years
This product is available to applicants who are University/college students in tertiary education, with at least 1 full academic year remaining of the course on completion of the mortgage, assisted by a family member to purchase accomodation for their own use in the city/town of study, and;
- Will need a guarantor by way of a parent, step-parent or grandparent to support their ability to meet affordability criteria and maintain their mortgage repayment commitments.
This product is only available to student applicants 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. The Society may consider a combined option of part legal charge* and part cash deposit in an Assisted Purchase Deposit Guarantee Account.
Both the property to be purchased and, where applicable, the family member’s residential property on which a legal charge* is to be placed, must be in mainland England or Wales.
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.
This mortgage product is not portable.
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.
No early repayment charges apply.
Partial Lump Sum Repayment
Repayments of any amount are permitted.
A fee of £999.00 is payable on completion.
A valuation for mortgage purposes will be required on application, the cost of which must be met by the applicant. See separate scale of fees.
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 application.
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.