Lifetime Discount Mortgages
SPECIAL MORTGAGE SCHEMES
With effect from 25 August 2010
Key Features
| Maximum loan to value 75% |
| Current rate payable: 3.39% variable |
| Discount of 2.25% off the Society's Standard Variable Rate for the term of the mortgage |
| The overall cost for comparison is: 3.5% APR |
| Maximum loan: £300,000 |
SPECIAL FEATURES OF THIS MORTGAGE
- Offset facility available if required - please click here to see further information
- Flexible features available, including the facility for payment holidays
- Overpayments can be made at any time
FEES PAYABLE ON THIS MORTGAGE
- Arrangement fee (non-refundable) - must be paid at time of submitting mortgage application: £100
- Free property assessment where the price or value of the property is £1 million or less. Property assessment fees payable on prices or values of more than £1 million (non-refundable after property assessment carried out for the Society): see scale below
- Completion fee (non-refundable) - added to mortgage loan and deducted from mortgage advance on completion: £695
- Sealing fee/mortgage exit fee/administration fee on redemption of mortgage: currently £150
- Higher lending charge (applicable over 80% loan to value only) paid by the Society
- No early repayment charge
STANDARD FEATURES OF ALL HINCKLEY & RUGBY SPECIAL MORTGAGE SCHEMES
- Available on properties in England and Wales
- Minimum loan £25,000
- Minimum term 5 years
- Free standard administration fee for remortgages - see note below*
- Interest calculated on a daily basis
- No tied insurances
- Minimum age for applicants 23
- Portable up to the existing mortgage balance
- Tariff of charges during the life of any mortgage available on request
- Capital repayment vehicle must be in place for interest only mortgages
PROPERTY ASSESSMENT FEES
A scale of Property assessment fees will apply to house purchase and remortgage applications for this product, as follows:
| Purchase Price or Value | Purchase Application | Remortgage Application |
| Not exceeding | Property assessment fee | Property assessment fee |
| £1,000,000 | Free | Free |
| £1,500,000 | £1,035 | £1,035 |
| £2,000,000 | £1,235 | £1,235 |
For a price or value exceeding £2 million, please contact the Society for further details.
If a property assessment fee is payable, this must be paid at the time of submitting a mortgage application.
All fees shown represent the cost of the property assessment to the Society plus an administration fee of £35 to cover the Society's own costs of arranging the property assessment and assessing the report when it is received.
* Free standard administration fee for remortgages. As long as the property is already registered at HM Land Registry in the same name(s) as the mortgage applicant(s), the Society will arrange for the new Legal Charge to be registered in the name of the Society. You will be advised of any additional administrative or insurance charges, which you will be required to pay.
Please click here to enquire about these products
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE