4.25% (0.25% Discount for 2 years) 75% LTV – Self Build
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 0.25% for 2 years, giving a current rate payable of 4.25%|
|Product Features:||You may reduce your balance by up to 10% p.a without an early repayment charge being levied
Interest only option until final stage released
You can select a new product when final stage released and property completion certificates received
|SVR:||Our Standard Variable Rate is currently 4.50%|
|Fees:||£100 Stage Release Fee (can be added to loan)
£75 Re-inspection Fee (can be added to loan)
£495 Arrangement Fee
Valuation Fee Scale:
£0.00 – £300,000: £245
£300,001 – £500,000: £395
£500,001 +: £495
|Overall Cost for Comparison:||4.60% APRC|
|Early Repayment Charges:||2% of balance repaid in year 1,
1% of balance repaid in year 2
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 10/5/2017, a mortgage of £200000 payable over 25 years, initially on our discounted variable rate of 4.25% for 2 years, followed by our Standard Variable Rate currently 4.5% for the remaining 23 years, would require 24 monthly payments of £1089.11 and 276 monthly payments of £1115.59.
The total amount payable would be £334041.48 made up of the loan amount plus interest of £133001.48 and an Arrangement fee (£495), Valuation fee (£245), Stage Release fee (£100), Re-inspection fees (£150) and Funds Release fees (£50).
The overall cost for comparison is 4.60% APRC.