2.24% Fixed to 01/05/2022 (House Purchase 60% LTV)
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
|Description:||A fixed rate of 2.24% applies until 01/05/2022 after which the Society’s Standard Variable rate will apply, currently 4.50%, for the remainder of the term|
|Product Features:||You may reduce your balance by 10% p.a without an early repayment charge being levied|
|SVR:||Our Standard Variable Rate is currently 4.50%|
|Fees:||Free Arrangement Fee
|Max LTV:||House Purchase 60%|
|Overall Cost for Comparison:||3.68% APRC|
|Early Repayment Charges:||3% of balance repaid during fixed rate period|
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 4.50%.
Based on an assumed completion date of 13/1/2017, a mortgage of £87025 payable over 25 years, initially on our 2.24% fixed rate until 13/1/2022, followed by our Standard Variable Rate currently 4.5% for the remaining 20 years, would require 60 monthly payments of £379.11 and 240 monthly payments of £463.65.
The total amount payable would be £134022.60 made up of the loan amount plus interest of £46997.60 plus a Funds Release Fee (£25).
The overall cost for comparison is 3.68% APRC.