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3 year discount 90% LTV


We are currently only accepting new mortgage applications up to 70% loan to value (size of mortgage in relation to the value of the property.) Existing borrowers looking to transfer their existing mortgage can do so at a higher loan to value, subject to product terms and conditions. 

We are not accepting new Self Build or Holiday Let applications.

Please contact us to speak to a mortgage adviser for further information. 

Key Features

Mortgage type  
  • With a discounted rate mortgage, the lender's standard variable rate (SVR) is discounted for a specific period of time. The interest rate will vary as the lender's standard variable mortgage rate moves up and down but the amount of discount will remain the same.
Interest rates 
  • 2.24% variable. Our Standard Variable Rate (SVR) with a 1.71% discount for the first 3 years of the mortgage, changing to our SVR for the remainder of the mortgage
Maximum LTV 
  • 90 %
  • Application Fee: Purchase £600
  • Application Fee: Remortgage £850
  • Application Fee: Existing borrower product transfer £0
  • Mortgage Exit Administration Fee (MEAF): £100
  • Overpayments allowed
  • Free valuation
  • No higher lending charge
  • 'Free legals' for remortgages
Loan size 
  • Purchase: £50,000 (min) - £350,00 (max)
  • Remortgage: £50,000 (min) - £300,000 (max)
Early repayment charge (ERC) 
  • The Early Repayment Charge (ERC) period applies from the date of completion.
  • For this product the ERC period is 3 years from the date of completion.
  • ERC is 3% in year 1, 2% in year 2 and 1% in year 3 of the original loan amount (or the balance outstanding on the date an existing mortgage is transferred to this product).
  • During the ERC period you are permitted to make overpayments up to 20% of the original loan amount (or the balance outstanding on the date an existing mortgage is transferred to this product) per year. If overpayments exceed 20% in a year during the ERC period, you will have to pay the relevant ERC percentage rate on the amount of overpayment exceeding the permitted level.
  • The full ERC is payable on the original loan amount (or the balance outstanding on the date an existing mortgage is transferred to this product) if you repay your mortgage in full during the ERC period. The ERC will also be levied on previously permitted overpayments.
  • The mortgage term must be between 5 and 35 years.
  • The mortgage must be on a capital and interest repayment basis.
  • The property must be located in England or Wales.
  • Available to those purchasing or remortgaging their residential home subject to product terms.
  • Also available for existing borrowers to transfer their existing mortgage into, subject to payment of any ERC's that apply on their current mortgage and for existing borrowers moving house.
  • The following postcodes in London and the surrounding area are restricted to 60% loan to value: WC, EC, E, SE, N, NW, W and SW.
  • Minimum property value of £125,000
  • Available for remortgages on a 'like for like' basis up to 90% loan to value
Representative example

A mortgage of £59,000 payable over 27 years initially on our standard variable rate, currently 3.95% with a discount of 1.71% for 36 months giving a current rate payable of 2.24% and then on our standard variable rate, currently 3.95% for the remaining 24 years would require 36 monthly payments of £242.85 and 288 monthly payments of £290.84 plus one initial interest payment of £83.05.

The total amount payable would be £93,287.57 made up of the loan amount plus interest of £33,587.57, an application fee of £600 and a MEAF of £100.

The overall cost for comparison is 3.7% APRC representative.

Additional information



    Legal costs

  • Legal work is required when buying your home and is carried out by a solicitor, payable by you. We can use the same solicitors as you, providing there is a minimum of four Approved Managers/ Licence Holders and they are registered on The Law Society website (www.lawsociety.org.uk). Licenced conveyancers are also acceptable for residential business only. The conveyancer must be registered with the Council of Licenced Conveyancers and be in a firm with at least four Approved Managers/Licence Holders.
  • For remortgages, we can carry out the legal work for you using title insurance.
  • Incentives

  • No higher lending charge applies, we will take out an insurance policy to cover the associated risk of lending more than 75% of the purchase price/valuation of your property but we will not charge you for it.
  • We will carry out a standard mortgage valuation at our cost, providing the mortgage completes. If the mortgage does not complete and the valuation has been carried out, you are responsible for paying it. You can upgrade to a Home Buyers report if you wish and if you would prefer a full building survey, we can give you the names of some local surveyors who can organise this for you.
  • You can upgrade to a Home Buyers report if you wish and if you would prefer a full building survey, we can give you the names of some local surveyors who can organise this for you. (see our Mortgages Explained booklet for valuation and home buyer fees).
  • Where ‘free legals’ apply, they are for remortgages only. The legal work will be carried out by Newbury Building Society using title insurance and the cost, which covers HM Land Registry fees, a title insurance premium and other disbursements will be paid by us. Title insurance is only available to applicants who are UK Nationals and resident in the UK at the time of completion. If for any reason the remortgage does not take place, you will need to pay any legal costs incurred (maximum £250).  The ‘free legals’ service does not include the legal work involved for registering unregistered land or transferring property from one person to another (the names and addresses of the borrowers must agree precisely with those held at HM Land Registry).  If legal work is required in these areas, a solicitor will be required to act at your cost.
  • Maximum loan to value

  • Loan to value (LTV) is the proportion of the value or price of the property (whichever is lower) that you borrow on a mortgage. For example, a £150,000 mortgage on a house valued at £200,000 would mean a LTV of 75%.
  • All loans over 70% LTV must be on a capital and interest repayment basis.
  • Application fee

  • The application fee can be added to the mortgage and is refundable if the mortgage does not take place. If you add the application fee to your mortgage, this increases the amount you borrow and will also increase your monthly payments.
  • A Mortgage Exit Administration Fee (MEAF) applies when you repay your mortgage. Please see our Tariff of charges leaflet and your European Standardised Information Sheet (ESIS) for details.
  • Timescales

  • House purchases must complete within three months of the date of the formal mortgage offer. Remortgages must complete within three months from the date the application is received. Further advances must complete within three months of the date of the further advance offer.
  • Where existing borrowers transferring their mortgage are not in an early repayment charge period, the transfer must take place with two weeks of the mortgage offer.
  • For new build properties the mortgage offer is valid for up to 6 months. The application must be able to complete in the product time scales. Therefore, the new build property must be completed and available for occupation within six months of the mortgage offer.
  • Portability

  • All our mortgages are portable, which means that if you move house within an early repayment charge period the product can be transferred to your new mortgage, up to the value of the product outstanding at redemption, without charge. If the loan amount on your new mortgage is lower, there may be a charge based on the difference between the old and the new loan amount. A higher lending charge may be applicable for the new mortgage.
  • Other charges

  • Charges applying to the ongoing administration of your mortgage are detailed in our Tariff of charges PDF, which you will be given before your mortgage completes.
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