1.59% (2.91% Discount for 2 Years) 60% LTV – Remortgage
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
|Description:||A variable rate, currently 4.50% with a discount of 2.91% for 2 years, giving a current rate payable of 1.59%
Remortgages are not available on Interest Only
|Product Features:||You may reduce your balance by up to 10% p.a without an early repayment charge being levied
Free Standard Legal Fees* or £500 cashback
|SVR:||Our Standard Variable Rate is currently 4.50%|
|Fees:||No Arrangement Fee
|Max LTV:||60% Remortgage|
|Overall Cost for Comparison:||4.12% APRC|
|Early Repayment Charges:||2% of balance repaid in year 1,
1% of balance repaid in year 2
* 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 variable 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 4.50%.
Based on an assumed start date of 1/6/2017, a mortgage of £338000 payable over 30 years, initially on our discounted variable rate of 1.59% for 2 years, followed by our Standard Variable Rate currently 4.5% for the remaining 28 years, would require 24 monthly payments of £1181.25 and 336 monthly payments of £1677.54.
The total amount payable would be £592003.44 made up of the loan amount plus interest of £253978.44 and a Funds Release Fee (£25).
The overall cost for comparison is 4.12% APRC.