2.25% Fixed to 01/05/2021 (80% LTV) – Remortgage
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
|Description:||A fixed rate of 2.25% applies until 01/05/2021 after which the Society’s Standard Variable rate will apply, currently 5.00%, for the remainder of the term
Remortgages are not available on Interest Only
|Product Features:||You may reduce your balance by 10% p.a without an early repayment charge being levied
Free Standard Legal Fees* or £500 cashback
|SVR:||Our Standard Variable Rate is currently 5.00%|
|Fees:||No Arrangement Fee
|Max LTV:||Re-mortgage 80% LTV|
|Overall Cost for Comparison:||4.58% APRC|
|Early Repayment Charges:||3% of balance repaid during fixed rate period|
* The Society will pay the Standard Legal Fees when their nominated solicitor is used. This will not cover any legal advice nor will it cover any costs incurred for any additional legal work the borrower may require. The solicitor will be acting for the Society only. If applicants wish to arrange their own legal representation they will be responsible for all legal costs and disbursements incurred.
At the end of the fixed rate period as detailed above, your mortgage will revert to our Standard Variable Rate (SVR) applicable at the time. Our Standard Variable Rate is currently 5.00%.
Based on an assumed start date of 02/05/2019, a mortgage of £206000 payable over 24 years, initially on our 2.25% fixed rate until 01/05/2021, followed by our Standard Variable Rate currently 5.00% for the remaining 22 years, would require 24 monthly payments of £926.35 and 264 monthly payments of £1205.33.
The total amount payable would be £340439.52 made up of the loan amount plus interest of £134439.52.
The overall cost for comparison is 4.58% APRC.