The monthly repayments are variable and the interest rate will be set at a pre-determined discount from the Society’s underlying variable rate for an initial period eg 2 or 3 years. The monthly repayment will increase or decrease in line with the Society’s decision to change its underlying variable rate. At the end of the discounted period the interest rate will revert to the Society’s underlying variable rate.
Initial variable rate for 2 years
our Mortgage Variable Rate plus 0.85%, then changing to
The Society's Mortgage Variable Rate
for the remaining term of the mortgage
The overall cost for comparison is
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PRODUCT CODE - STL004
This is a 5.99% 2 year variable rate mortgage. A 40% deposit is required.
This mortgage is available for both house purchase and remortgages.
A free legal and valuation package is available for standard remortgages in England and Wales with a contribution towards legal fees in Scotland. For purchases fees are payable the applicant
There is no early repayment charge for this mortgage and no restriction on overpayments.
The minimum loan amount is £30,000 and the maximum loan amount is £500,000.
The maximum term available is 2 years.
Applications will need to meet the Society’s standard lending criteria.
Repayments will be required throughout the term of the mortgage and interest will not be rolled up.
This mortgage has a £999 fee which can be added to the mortgage or paid up front. If adding the fee to the loan amount this must not exceed the maximum LTV. This product has a floor rate.
A mortgage of £180,000 payable over 2 years initially on a variable rate for 2 years at 5.99% would require 24 monthly payments of £903.59.
The total amount payable would be £202,825.16 made up of the loan amount plus interest (£201,686.16) an Application fee of £999, a CHAPS Fee of £20 and a Mortgage Discharge Fee of £120.
The overall cost for comparison is 6.5% APRC representative.
Please note the example above is for a house remortgage on an interest only basis.