2.54% Discount for 2 Years |
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| Interest Rate |
| 2.54% discount off the Society's SVR* for 2 years from the inception date of the loan |
Reverting to the Society's SVR* for remainder of term, currently |
Overall cost for comparison |
| 2.95% |
5.49% |
5.2% APR** Variable |
| The Society sets its Standard Variable Rate (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. | |
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| Scheme Features |
| Maximum Percentage Loan |
75% of purchase price/valuation (60% for flats) |
| Minimum Loan |
£35,000 |
| Maximum Loan |
£500,000 |
| Early Repayment Charges |
None |
| Arrangement Fee |
£150 |
| 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 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 for a discount off a variable rate for a period of two years. This product is not suitable for someone unable, or not willing to increase their payment after two years. |
| Mix & Match |
Mix and match products from our portfolio 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 or Tina - they will be delighted to help. (Please note calls may be recorded). 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) |
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3.75 x the first borrower's income + 1 x the second borrower's income, or 3 x their combined incomes, up to 75% of the valuation or purchase price (whichever is the lower). |
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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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| 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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A payment of up to £550 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. |
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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. 24 monthly repayments of £471.61 followed by 276 monthly repayments of £603.10. Total amount payable £178,512.29. Written quotation available on request. Initial rates apply for whole of the term. 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: 1 March 2010 |
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