SPECIAL MORTGAGE SCHEME
With effect from 5 March 2021
Available throughout England and Wales
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGEA GUARANTOR MORTGAGE is when a third party agrees to act as a mortgage guarantor for someone else, the third party commits to covering the mortgage repayments if the borrower fails to keep up. The guarantor will not own a share of the house, and they won’t be named on the deeds. Being a guarantor simply means signing a legal agreement to cover mortgage repayments if the actual borrower falls behind.
|Maximum loan to value available:||2.70% off the Society's Standard Variable Rate for 2 years||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%||3.19% variable||4.24% variable||5.89% variable||5.0% APRC|
|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 £187,692.00 (a loan of £186,892.00 plus a completion fee of £800.00 added to the loan) payable over 16 years initially on a discounted variable rate for two years of 2.99%, then on a discounted variable rate of 4.24% for the next three years and then on our Standard Variable Rate of 5.89% for the remaining 11 years would require 24 monthly payments of £1,231.16, followed by 36 monthly payments of £1,334.29 and 132 monthly payments of £1,449.36.
The total amount payable would be £269,962.64 made up of the loan amount plus interest (£81,206.64), an arrangement fee (£199.00), a legal fee (£250.00), a mortgage exit administration fee (£150.00) and valuation fee (£465.00).
The overall cost for comparison is 4.8% 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:
Discount Mortgages, Guarantor Mortgages