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Guarantor 2 Year Discount Mortgage

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 MORTGAGE

A 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 yearsReverts to 1.65% discount off SVR for the next 3 yearsThen reverting for the rest of the term of the mortgage to Standard Variable Rate (SVR)The overall cost for comparison is:
90%3.19% variable4.24% variable5.89% variable5.0% APRC
Enquire about this 3.19% variable rateMore information about this 3.19% variable rate - Guarantor 2 Year Discount MortgageMaximum loan:For details of the maximum loan available for your required loan to value please call our Mortgage Department on 01455 894082.


Representative example

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 type

This product belongs to the following type of mortgages:
Discount Mortgages, Guarantor Mortgages