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1.50% Discount for Term
 
Interest Rate
1.50% discount off the Society's Standard Variable Rate (SVR) for term The interest rate will never fall below Overall cost for comparison
3.99% 3.50% 4.1% APR Variable
The Society sets its SVR (currently 5.49%) by taking into account a number of factors, including the Bank of England Base Rate. The SVR can be changed at any time, but will not necessarily rise or fall in line with movements in the Bank of England Base Rate.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
 
Scheme Features
Maximum Percentage Loan - Repayment 85% of purchase price/valuation (60% for flats)
Maximum Percentage Loan - Interest Only 60% of purchase price/valuation.

Provided credible repayment strategies are in place (for further details see below).
Minimum Loan £50,000
Maximum Loan £500,000
Early Repayment Charges Early repayment charges apply for 2 years from the inception date of the loan (for further details see below). 
Arrangement Fee £500
Administration Fee £95 - non refundable, payable on application
Exit Fee £185 - Comprising:
Redemption Statement £60
Discharge Fee £75
Deeds Release Fee £50
Help with Legal Fees? Yes (for further details see below)
Help with Valuation Fee? Yes (for further details see below)
Help with Optional Insurances?
Yes, for further details see our Insurance web page. Our buildings insurance is not compulsory, however a £30 fee will be charged to the account if you take out your own buildings insurance.
Who is this product suitable for? This product is suitable for customers looking for a discount off the Society's SVR for the term of the mortgage, and who are prepared to pay a substantial early repayment charge if they repay the loan during the first two years of the mortgage.
How to Apply Apply Nowby registering or logging into You-View, the Society's online system, and follow the progress of your application with our online Tracking System. Alternatively, please call us on 01858 412610 and speak to our Mortgage Sales team - they will be delighted to help.

Please let them know if you require our Mortgage application form in Braille or Large Print.
 
Income Multiples (How much you can borrow)
4 x the first borrower's income + 1 x the second borrower's income, or 3.25 x their combined incomes (whichever is the higher). A budget planner and full affordability assessment will also be made.
 
Interest Only Repayment Vehicle
All Interest Only mortgage applications must have credible repayment strategies in place. These can include endowments, pensions, ISAs or a second property, conditions apply - please talk to our Mortgage Sales team for more details.
 
Self Employed Requirements
3 years' certified accounts, or 2 years' certified accounts and one year projected.
 
Early Repayment Charges
For full repayment: an early repayment charge based on the remaining balance will be incurred as follows:
  • 2% during the first 2 years
For partial repayment:
  • You can make overpayments or lump sum payments of up to 10% of the original loan amount up to 30 June following commencement.
  • The 10% overpayment facility will continue from 1 July to 30 June in consecutive 12 month periods, based on your balance outstanding at the start of each period.
  • If you exceed the 10% threshold an Early Repayment Charge using the percentages shown for full repayment will be imposed on the amount that exceeds the 10% allowance.
  • Any unused overpayment allowance cannot be carried forward.
  • All overpayments reduce interest immediately.
If you transfer to a new mortgage product, an early repayment charge (if applicable) will be levied on the remaining balance at the time of the change as if the mortgage had been repaid in full.
If you transfer to a new mortgage product, an early repayment charge (if applicable) will be levied on the remaining balance at the time of the change as if the mortgage had been repaid in full.

Legal Fees (England and Wales direct mortgages only i.e. not those arranged through an intermediary)
You do not have to use the Society's solicitors but for re-mortgages using them and provided the re-mortgage is for £50,000 or over, the Society will pay all the standard legal fees.

Additional fees may be payable by you for re-mortgages exceeding £200,000 and in certain other circumstances - please ask us for details.
 
 
Valuation Fee
A payment of up to £300 will be made when your mortgage funds are released to assist with the cost of the basic valuation fee.

For certain re-mortgage applications the Society will not send a valuer to your home to value the property. Rather we will rely on a valuation provided by an electronic database which compares similar properties to your own. Unless you require an inspection of your home then please select the valuation option 'Database Valuation (re-mortgage only)' when completing your application form.

We will let you know if we decide to rely upon this database valuation.  In this situation you will not be required to pay a valuation fee but you will not receive a copy of the valuation. If the product you have chosen includes a valuation refund due at the start of the mortgage it will not be paid if an inspection is not undertaken.  If it is not possible to obtain a satisfactory valuation from this source, or your application does not meet the criteria for a database valuation, we will need to instruct a valuer to inspect your home at your cost although this fee may be refunded (in full or in part) if your mortgage has this incentive.

Any Key Facts Illustration (KFI) provided before you apply for the mortgage will include the valuation fee due as if an inspection is to be made.  A revised KFI will be provided to you if we rely upon the database valuation when the mortgage offer is issued, and will not show the valuation fee/refund as being due.
 
Product information is also available in Braille, Large Print and Audio format.
 
This offer may be withdrawn or varied at any time and without notice. The information above is provided as a guideline only. A product pack providing further details of this mortgage is available on request. This information can be sent by postal service only.

Issue date: 03 February 2014
 
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