2 Year Discount Mortgage 80% LTV
Special Mortgage Scheme
With effect from 17 February 2010
| Current variable rate payable 3.64% |
| The overall cost for comparison is 5.4% APR |
| Up to 80% LTV* |
Key features
- The interest rate (being the Society's Standard Variable Rate) is a variable rate currently 5.64% with a discount of 2.00% for 2 years, giving a current rate payable of 3.64%.
- Arrangement fee £395 (non-refundable). Must be paid at the time of submitting a mortgage application.
- Property assessment fees are payable according to the scale below (non-refundable after property assessment carried out for the Society).
- Completion fee £395 (non-refundable). This fee will be added to the mortgage loan and deducted from the mortgage advance on completion, when the mortgage advance is released.
- Sealing fee/mortgage exit fee/administration fee on redemption of mortgage currently £150.
- Early repayment charges: An early repayment charge* will be made as follows:
During years 1 and 2: 2% of the amount repaid early plus fees**
* The early repayment charge is payable on any amount that you repay in excess of the monthly payment due on the mortgage, with the exception of 10% each year of the mortgage balance outstanding.
** This charge is calculated as a percentage of the amount repaid early, excluding any arrears of interest, or other charges.
- Overpayments can be made up to 10% of the outstanding mortgage balance in any year without incurring this early repayment charge. Overpayments in excess of 10% for the first two years will attract an early repayment charge calculated at 2% of the full amount overpaid.
- No Higher Lending Charge.
- No tied insurances.
- Interest is calculated on a daily basis.
- This mortgage product is only available on properties in England and Wales and the mortgage is portable up to the existing mortgage balance, when moving house in England and Wales and simultaneously redeeming the existing mortgage and completing the new mortgage with the Society.
- The minimum age for applicants for this special scheme is 23. Subject to financial status, assessment of affordability, income multiples and underwriting based on information included in an application form, together with satisfactory identification.
- The loan must be over £25,000. Maximum loan £300,000. Minimum term 5 years.
- 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.
- * The amount the Society can lend is dependent upon the price or current value of the property and the loan to value ratio, which must not exceed 80%. Full details are available on request.
- Our tariff of charges during the life of any mortgage is available on request and will be provided with any illustration.
- For an interest only mortgage a capital repayment vehicle must be in place. It is your responsibility to ensure that this vehicle remains in place and is adequate to repay your mortgage at the end of your chosen term. You may combine your mortgage repayment types, i.e. part repayment, part interest only.
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 |
| £200,000 | £245 | Free |
| £300,000 | £295 | Free |
| £400,000 | £355 | Free |
| £500,000 | £430 | Free |
| £600,000 | £465 | Free |
| £700,000 | £535 | Free |
| £800,000 | £595 | Free |
| £900,000 | £655 | Free |
| £1,000,000 | £725 | Free |
| £1,500,000 | £1,035 | £1,035 |
| £2,000,000 | £1,235 | £1,235 |
There is no property assessment fee for remortgages on a property with a value not exceeding £1 million, unless the Society is unable to obtain a standard remortgage property assessment in which case a fee according to the Society's standard fee scale will apply.
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.
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE