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
THIS PRODUCT IS ONLY AVAILABLE FOR FIRST TIME BUYERS PURCHASING PROPERTIES WITH AN LA POSTCODE
PRODUCT CODE - 089FIX
This is a 3.49% 5 year fixed rate mortgage. A 10% deposit is required.
This mortgage is only available within LA postcodes and is for First Time Buyer residential purchases.
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 year, 5% in the second year, 4% in the third year, and 3% in the fourth 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 £750,000.
The maximum term available is 40 years.
There is no product fee with this mortgage.
A mortgage of £150,000 payable over 25 years initially on a fixed rate for 5 years at 3.49% and then on our Mortgage Variable Rate (MVR) of 5.14% (variable) for the remaining 20 years would require 60 monthly payments of £750.23 and 240 monthly payments of £864.50.
The total amount payable would be £252,988.80 made up of the loan amount plus interest (£255,578.80), a valuation fee of £270, a CHAPS Fee of £20 and a Mortgage Discharge Fee of £120.
The overall cost for comparison is 4.6% 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.