2.69% - Fixed Rate Until 28.02.2014 |
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| Interest Rate |
| Fixed rate until 28.02.2014 from the inception date of the loan |
Changing to the Society's Standard Variable Rate (SVR) for the remainder of the term, currently |
Overall cost for comparison |
| 2.69% |
5.49% |
5.1% APR* Variable |
| The Society sets its SVR 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 | |
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| Scheme Features |
| Maximum Percentage Loan |
75% of purchase price/valuation (60% for flats) |
| Minimum Loan |
£50,000 |
| Maximum Loan |
£350,000 |
| Early Repayment Charges |
Early repayment charges apply until 28.02.2014 (for further details see below). |
| Arrangement Fee |
£1,500 |
| 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? |
No (for further details see below) |
| Help with Optional Insurances? |
Yes, for further details see our Home Insurance & Mortgage Payment Protection pages. 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 to have certainty of payment until 28 February 2014 and who are prepared to pay (or have added to the debt) a substantial early repayment charge if they repay the loan during the fixed rate period of the mortgage. |
| Mix & Match |
Mix and match products from our portfolio (excluding Offset and Buy to Let) to have multiple loan types and mortgage terms within one mortgage account - please ask for further details. |
| How to Apply |
 by 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 Jake, Kevin, Sue, Debbie or Tina - they will be delighted to help. Please let them know if you require our Mortgage application form in Braille or Large Print. | |
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| Income Multiples (How much you can borrow) |
| For loans up to 75% of the valuation or purchase price (whichever is the lower), 3.75 x the first borrower's income + 1 x the second borrower's income, or 3 x their combined incomes (whichever is the higher). |
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| Self Employed Requirements |
| 3 years certified accounts, or 2 years certified accounts and one year projected. |
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| Capital Raising |
| Available up to a maximum of 75% of the value of the property, subject to our insurer's agreement. |
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| Early Repayment Charges |
| For full repayment: an early repayment charge based on the remaining balance will be incurred as follows: |
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| For partial repayment: no early repayment charge will be levied, providing additional payments do not, in any one calendar year, exceed 10% of the remaining balance at the beginning of that calendar year. |
- If you exceed this 10% figure, 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 to subsequent years.
- All overpayments reduce interest immediately.
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| 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. |
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| Legal Fees (England and Wales direct mortgages only i.e. not those arranged through an intermediary) |
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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. |
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| Valuation Fee |
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There is no assistance 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. |
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| APR |
| *APR CALCULATION ASSUMPTIONS. Mortgages are subject to status, valuation and a minimum age of 18. Repayment mortgage for £100,000 on a £200,000 purchase price over 25 years. Based on a mortgage commencing on 1st January 2012, 25 monthly repayments of £458.25 followed by 275 monthly repayments of £601.39. Total amount payable £177,426.55. Written quotation available on request. Fees: Telegraphic Transfer Fee £30, Valuation Fee £180, Administration Fee £95, Solicitors Fees £148.05, Arrangement Fee as shown. A lower loan ratio may apply for mortgages over £150,000. |
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| Product information is also available in Braille, Large Print and Audio format. |
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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. |
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| Issue date: 19 December 2011 |
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