Homebuyers choosing Hinckley & Rugby’s new Charity Assist Mortgage will be helping homeless people move into a home and full-time work.
The Society has partnered with homelessness charity Emmaus Leicestershire & Rutland, donating £250 for every Charity Assist Mortgage approximately one month after the start of each mortgage.
The donations will help Emmaus provide a home and meaningful work in Hinckley for formerly homeless people for as long as they need it.
The Charity Assist Mortgage has been created for homebuyers who want a competitive fixed rate product delivered with the personal service of a regional building society whilst also helping others who are facing the challenges of homelessness.
Mir Juma, chief executive of Emmaus Leicestershire & Rutland, said: “Each £250 donated will contribute to a month’s accommodation, food, clothing, support and training for a formerly homeless person. That means every mortgage approved is not just helping a homebuyer but also providing a home for someone in a vulnerable situation.”
SPECIAL MORTGAGE SCHEME
With effect from 25th September 2019
Available throughout England and Wales
|Maximum loan to value available:||Fixed for 2 years from date of completion||Reverts to 1.65% discount off SVR for the next 3 years||Then reverting for the rest of the term of the mortgage to Standard Variable Rate (SVR)||The overall cost for comparison is:|
|90%||2.79% fixed||4.49% variable||6.14%|
|Maximum loan:||For details of the maximum loan available for your required loan to value please call our Mortgage Department on 01455 894082.|
A mortgage of £173,452.00 payable over 24 years initially on a fixed rate for two years of 2.20%, then on a discounted variable rate of 4.49% for the next three years and then on our Standard Variable Rate of 6.14% for the remaining 19 years would require 24 monthly payments of £775.73, followed by 36 monthly payments of £968.26 and 228 monthly payments of £1,103.76.
The total amount payable would be £305,730.55 made up of the loan amount plus interest (£131,679.55), an arrangement fee (£199.00), a legal fee (£250.00) and mortgage exit administration fee (£150.00).
The overall cost for comparison is 5.2% APRC representative.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Mortgage typeThis product belongs to the following type of mortgages:
Fixed Rate Mortgages