- Mortgage type
- A variable rate mortgage has an interest rate that can fluctuate. Lender's have a standard variable rate (SVR) on which they base their variable mortgages. The lender can decide when to increase or decrease this standard rate, usually based on the movement of the Bank of England's base rate.
- Interest rates
- 4.7% variable. Our Standard Variable Rate (SVR) plus 0.50% for the term of the mortgage
- Minimum share of property being purchased
- Maximum loan to value of share
- 95 %
- Application fee: Remortgage £200
- No Early Repayment Charge (ERC)
- Free valuation
- No higher lending charge
- Loan size
- £50,000 (min) - £250,000 (max)
- Early repayment charge (ERC)
- No Early Repayment Charge (ERC) applicable
- The property must be located in England or Wales.
- For existing borrowers to transfer their existing mortgage into.
- The mortgage must be on a capital and interest repayment basis.
- Properties where the valuation is less than £100,000 must be referred to our Customer Services department for inital approval.
- The mortgage term must be between 5 and 35 years.
- Products are available to those remortgaging their residential home, on a Shared Ownership basis, subject to product terms.
A mortgage of £85,500 payable over 25 years on our standard variable rate, currently 4.2% plus 0.50% giving a current rate of 4.7% for the mortgage term of 25 years would require 300 monthly payments of £484.99 plus one initial interest payment of £175.67.
The total amount payable would be £145,987.67 made up of the loan amount plus interest of £60,172.67, an application fee of £200 and a MEAF of £115.
The overall cost for comparison is 4.8% APRC representative.
WE HAVE NO CURRENT PLANS TO WITHDRAW THIS PRODUCT BUT IT MAY BE WITHDRAWN WITHOUT NOTICE.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 OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
- Legal work is required when remortgaging your home. This is carried out by a solicitor and is payable by you. We can use the same solicitors as you, providing there is a minimum of four Approved Managers/License Holders and they are registered on The Law Society website (www.lawsociety.org.uk). Licensed conveyancers are also acceptable for residential business only. The conveyancer must be registered with the Council of Licensed Conveyancers and be in a firm with at least four Approved Managers/License Holders.
- 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. Where the valuation fee is payable, our normal scale of valuation fees apply.
- 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).
- If an existing borrower who is not moving house would like a revaluation carried out to assess which LTV tier they qualify for they will be required to pay a revaluation fee (see our Mortgages explained booklet for details).
- Your share of the property must be between 25% and 75% of the purchase price or valuation (the lower of the two). You can borrow up to 95% of your purchase share.
- Remortgages must complete within three months from the date the application is received.
- A Mortgage Exit Administration Fee (MEAF) applies when you repay your mortgage. Please see our Tariff of charges leaflet and your Key Facts Illustration (KFI) for details.
- 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.
- 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.