- 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
- 5.00% variable. Our SVR with a 2.00% discount for the first 3 years, changing to our SVR for the remainder of the mortgage.
- Maximum loan to value
- 75 %
- Application Fee: Existing borrower product transfer £0
- Mortgage Exit Administration Fee (MEAF): £100
- No arrangement or booking fee
- Overpayments allowed
- Loan size
- £2,500 (min) - £39,999 (max) 50% must be used for one or more of the improvements included in the list below.
- 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.
- To qualify for GoGreen Further Advance at least 50% of the funds must be used for one or more of the following improvements:
- Air source heat pump
- Ground source heat pump
- Cavity wall insulation
- Double/triple glazing and/or replacement windows
- Installation of an electric car charging point
- Loft insulation
- Installation of a wind turbine and/or solar panels
- Rainwater harvesting
- Installation of wet underfloor heating systems
- New condensing boiler
A mortgage of £23,000.00 payable over 27 years initially on our standard variable rate,
currently 7.00% with a discount of 2.00% for 36 months giving a current rate payable of
5.00% and then on our standard variable rate, currently 7.00% for the remaining 24 years
would require 36 monthly payments of £95.83 and 288 monthly payments of £134.17
plus one initial interest payment of £88.22.
The total amount payable would be £65,279.06 made up of the loan amount plus interest
of £42,179.06 and a MEAF of £100.
The overall cost for comparison is 6.8% APRC representative. Please note this illustration is based on an interest only basis (capital and repayment is also available)
WE HAVE NO CURRENT PLANS TO WITHDRAW THIS PRODUCT BUT IT MAY BE WITHDRAWN WITHOUT NOTICE.
YOUR MORTGAGE IS SECURED ON YOUR HOME. THINK CAREFULLY BEFORE SECURING ANY OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
- The tenancy agreement must be an assured shorthold tenancy for either six or twelve months. We use rental income to assess affordability and you do need to be employed/self-employed, resident in the UK and show that your finances are self-supporting. The rental income from the property must cover 135% of an interest only mortgage payment based on our stressed rate currently 8.55%. We as our valuer to assess the potential rental value of the property when carrying out the mortgage valuation. Each mortgage application is assessed on an individual basis. The property you are buying or refinancing will be used as security for the loan on a first change basis.
- Buying to let can provide you with an income and may bring a return on your capital in the medium to long-term. However, economic change within the UK means our demand for rented property fluctuates, so you should do some research before deciding to enter the buy to let market. Our mortgages explained booklet gives some basic tips on buying to let.
- THIS PRODUCT IS NOT A REGULATED MORTGAGE CONTRACT UNLESS THE TENANT IS A RELATIVE OF THE BORROWER
- Available to existing landlord borrowers only. The further advance is secured against your home. The term must be between 5 and 35 years.
- 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%.
- 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.
- Further advances must complete within three months of the date of the further advance offer.
- 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.
- 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.
- 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.