Initial fixed rate for 5 years
then changing to....
The Society's Mortgage Variable Rate currently
for the remaining term of the mortgage
The overall cost for comparison is
Your home may be repossessed if you do not keep up repayments on your mortgage
Product Code - 086FIX
This is a 2.38% 5 year fixed rate mortgage. A 30% deposit is required.
This mortgage is available for both residential house purchase and remortgages and is not available for product switches.
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 by the applicant.
An early repayment charge will apply if you repay all or part of your mortgage within the first 5 years. This charge will be applied on a sliding scale of 5% in the first and second year and 4% in the third year, 3% in the fourth year and 2% in the fifth year. However a maximum of 10% overpayment is allowed in each 12 month anniversary period within the first 5 years.
The minimum loan amount is £30,000 and the maximum loan amount is £900,000.
The maximum term available is 40 years.
A mortgage of £200,000 payable over 25 years initially on a fixed rate for 5 years at 2.38% and then on our Mortgage Variable Rate (MVR) of 5.14% (variable) for the remaining 20 years would require 60 monthly payments of £890.82 and 240 monthly payments of £1,134.96.
The total amount payable would be £326,419.60 made up of the loan amount plus interest (£324,724.60) an Application fee of £1250, a CHAPS Fee of £20, a Valuation fee of £305 and a Mortgage Discharge Fee of £120.
The overall cost for comparison is 4.2% APRC representative.
Please note the example above is for a house purchase on a repayment 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.