Family Deposit Mortgage - 1.50% Discount for Term |
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| 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 | |
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| Scheme Features |
| Maximum Percentage Loan |
95% of purchase price/valuation (not available on flats) |
| Minimum Loan |
£95,000 |
| Maximum Loan |
£250,000 |
| Early Repayment Charges |
Early repayment charges apply for 2 years from the inception date of the loan (for further details see below). |
| Arrangement Fee |
None |
| 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? |
No (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 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; and who also have a family member who must deposit up to 20% of the property price/valuation into the Family Deposit Mortgage-Savings Account, usually for 5 years. |
| Incentives |
£500 cashback issued to the borrower when the mortgage completes. |
| How to Apply |
Paper applications only. 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) |
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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). |
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| Self Employed Requirements |
| 3 years' certified accounts, or 2 years' certified accounts and one year projected. |
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| 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
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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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| You may not transfer to an alternative mortgage product whilst the charge over the Family Deposit Mortgage-Savings Account remains in place. | |
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Legal Fees
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No assistance with legal fees.
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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. |
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| APR |
| * APR CALCULATION ASSUMPTIONS. Mortgages are subject to status, valuation and a minimum age of 18. Repayment mortgage for £142,500 on a £150,000 purchase price over 25 years. 300 monthly repayments of £751.38. Total amount payable £225,982.05. Written quotation available on request. Fees: Telegraphic Transfer Fee £30, Valuation Fee £180, Administration Fee £95, Solicitors Fees £148.05, Arrangement Fee as shown. |
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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: 11 April 2012 |
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