Initial variable rate for 2 years
The Society's Mortgage Variable Rate minus 0.80%
A revert rate does not apply to this product as it has a maximum 2 year term
The overall cost for comparison is
Your home may be repossessed if you do not keep up repayments on your mortgage
PRODUCT CODE - STL002
This is a 4.99% 2 year discounted 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 £499 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 £150,000 payable over 2 years initially on a discounted rate for 2 years at 4.99% would require 24 monthly payments of £625.91.
The total amount payable would be £166,070.84 made up of the loan amount plus interest (£165,021.84) an Application fee of £499, a CHAPS Fee of £20.00, a Valuation fee of £305.00, a Legal fee of £105.00 and a Mortgage Discharge Fee of £120.00.
The overall cost for comparison is 5.5% APRC representative.
Please note the example above is for a house purchase on an interest only basis.
Fill in the details below to find out how much you will need to pay on a monthly basis on a repayment mortgage and an interest only mortgage.