YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
A JOINT BORROWER SOLE PROPRIETOR MORTGAGE is designed to help someone to buy a home with the financial assistance of a third party or parties with the only charge being on the property being purchased. The buyer’s income is boosted by that of the third party, for example a parent or guardian, as part of the application but without adding them to the title deeds. The third party whose name will not be on the deeds will be required to take independent legal advice. The advising solicitor must provide written confirmation that they have done so in the Society’s required format before the loan monies can be released.
Maximum loan to value available:
Fixed for 5 years from completion
Reverting for the rest of the term of the mortgage to Standard Variable Rate (SVR)
The overall cost for comparison is:
90%
4.20% fixed
6.44% variable
5.6% APRC
Maximum loan:
For details of the maximum loan available for your required loan to value please call our in-house mortgage advisors on 01455 894735.
4.20% fixed - Joint Borrower Sole Proprietor 5 Year Fixed - [JBSP - JRF16]
SPECIAL MORTGAGE SCHEME
With effect from 1 August 2022
Available throughout England and Wales
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
A JOINT BORROWER SOLE PROPRIETOR MORTGAGE is designed to help someone to buy a home with the financial assistance of a third party or parties with the only charge being on the property being purchased. The buyer’s income is boosted by that of the third party, for example a parent or guardian, as part of the application but without adding them to the title deeds. The third party whose name will not be on the deeds will be required to take independent legal advice. The advising solicitor must provide written confirmation that they have done so in the Society’s required format before the loan monies can be released.
Maximum loan to value available:
Fixed for 5 years from completion
Reverting for the rest of the term of the mortgage to Standard Variable Rate (SVR)
(please see "Fees notes" below for further details of these fees and when they are payable)
Arrangement fee:
£199 (non-refundable)
Completion fee:
£800 (non-refundable)
Property assessment fee:
Free where the price or value of the property is £1million or less.
Mortgage exit admin fee:
£150 (non-refundable)
Early repayment charge:
During year 1: 5% of the amount repaid early plus fees
During year 2: 4% of the amount repaid early plus fees
During year 3: 3% of the amount repaid early plus fees
During year 4: 2% of the amount repaid early plus fees
During year 5: 1% of the amount repaid early plus fees
This charge is calculated as a percentage of the amount repaid early, excluding any arrears of interest, or other charges. The early repayment charge is payable on any amount that you repay in excess of the monthly payment due on the mortgage.
Other fees
Higher lending charge:
Applicable over 80% loan to value only and is paid by the Society.
Fees notes
Arrangement fee:
Must be paid at the time of submitting mortgage application and will be debited only after passing an initial assessment.
Completion fee:
This fee can be paid before the start of the mortgage or you can elect to add this to the mortgage loan and it will be deducted from the mortgage advance on completion. By electing to add fees to the loan, you will pay interest on them at the same interest rate as your mortgage throughout the mortgage term and this will affect interest charges and payment calculations. If preferred, fees that have been added to the loan may be repaid by a separate capital payment at any time after the start of the mortgage and this will result in lower monthly payments and reduced interest charges.
Property assessment fee:
Property assessment fee payable on prices or values of more than £1million (non-refundable after property assessment carried out for the Society):
Purchase price or value (Not exceeding)
Purchase application (Property assessment fee)
Remortgage application (Property assessment fee)
£1,000,000
Free
Free
£1,500,000
£310
£310
£2,000,000
£510
£510
£2,500,000
£890
£890
£3,000,000
£1,290
£1,290
£3,500,000
£1,690
£1,690
£4,000,000
£2,090
£2,090
£4,500,000
£2,490
£2,490
£5,000,000
£2,890
£2,890
For a price or value exceeding £5 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.
Mortgage exit administration fee:
Payable on redemption of mortgage.
Early repayment charge:
This charge is calculated as a percentage of the amount repaid early, excluding any arrears of interest, or other charges. The early repayment charge is payable on any amount that you repay in excess of the monthly payment due on the mortgage.
Overpayments:
Overpayments of up to 10% per year may be made without incurring the early repayment charge.
Standard features of all Hinckley & Rugby Special Mortgage Schemes
Available on properties in England and Wales
Available for house purchase or remortgages. Additional borrowing is available for existing mortgages
Interest-Only mortgages (up to 60% LTV only) – a Capital Repayment Strategy in the form of equity in a second property owned by the applicants in England or Wales, must be in place for Interest-Only mortgages
Buy to Let properties with adequate equity that is held in a limited company, where the only shareholders are the residential borrower applicants, is an acceptable repayment vehicle
Sale of applicants’ residential security will be considered in the specific circumstance of the property value being £400,000 minimum, LTV being 50% or lower and subject to a review of the credibility of downsizing in the local area
Minimum loan £100,000 (existing members £50,000)
(existing members £50,000)
Minimum term 5 years
Normal maximum term 40 years, depending on age limits
Interest calculated on a daily basis
Applications accepted for advances on private dwelling houses of various types providing they are of Standard Construction
No tied insurances
Minimum age for applicants 18
Portable up to the existing mortgage balance
Tariff of charges during the life of any mortgage available on request
For remortgages, the property must have been owned by the applicants for a minimum of 6 months
Cashback for remortgages
£250 cashback paid to your nominated bank account within one month of the completion of your mortgage
Representative example
A mortgage of £213,600.00 (a loan of £212,800.00 plus a completion fee of £800 added to the loan) over 23 years initially on a fixed rate for five years of 4.35% and then on our Standard Variable Rate of 6.44% for the remaining 18 years would require 60 monthly payments of £1,225.86 followed by 216 monthly payments of £1,436.21. The total amount payable would be £384,371.96 made up of the loan amount plus interest (£170,172.92), an arrangement fee (£199.00), a legal fee (£250.00) and a mortgage exit administration fee (£150.00).
The overall cost for comparison is 5.7% APRC representative.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Maximum loan to value available:
Fixed for 5 years from completion
Reverting for the rest of the term of the mortgage to Standard Variable Rate (SVR)
The overall cost for comparison is:
95%
4.35% fixed
6.44% variable
5.7% APRC
Maximum loan:
For details of the maximum loan available for your required loan to value please call our in-house mortgage advisors on 01455 894735.
4.35% fixed - Joint Borrower Sole Proprietor 5 Year Fixed - [JBSP - JRF17]
SPECIAL MORTGAGE SCHEME
With effect from 1 August 2022
Available throughout England and Wales
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
A JOINT BORROWER SOLE PROPRIETOR MORTGAGE is designed to help someone to buy a home with the financial assistance of a third party or parties with the only charge being on the property being purchased. The buyer’s income is boosted by that of the third party, for example a parent or guardian, as part of the application but without adding them to the title deeds. The third party whose name will not be on the deeds will be required to take independent legal advice. The advising solicitor must provide written confirmation that they have done so in the Society’s required format before the loan monies can be released.
Maximum loan to value available:
Fixed for 5 years from completion
Reverting for the rest of the term of the mortgage to Standard Variable Rate (SVR)
(please see "Fees notes" below for further details of these fees and when they are payable)
Arrangement fee:
£199 (non-refundable)
Completion fee:
£800 (non-refundable)
Property assessment fee:
Free where the price or value of the property is £1million or less.
Mortgage exit admin fee:
£150 (non-refundable)
Early repayment charge:
During year 1: 5% of the amount repaid early plus fees
During year 2: 4% of the amount repaid early plus fees
During year 3: 3% of the amount repaid early plus fees
During year 4: 2% of the amount repaid early plus fees
During year 5: 1% of the amount repaid early plus fees
This charge is calculated as a percentage of the amount repaid early, excluding any arrears of interest, or other charges. The early repayment charge is payable on any amount that you repay in excess of the monthly payment due on the mortgage.
Other fees
Higher lending charge:
Applicable over 80% loan to value only and is paid by the Society.
Fees notes
Arrangement fee:
Must be paid at the time of submitting mortgage application and will be debited only after passing an initial assessment.
Completion fee:
This fee can be paid before the start of the mortgage or you can elect to add this to the mortgage loan and it will be deducted from the mortgage advance on completion. By electing to add fees to the loan, you will pay interest on them at the same interest rate as your mortgage throughout the mortgage term and this will affect interest charges and payment calculations. If preferred, fees that have been added to the loan may be repaid by a separate capital payment at any time after the start of the mortgage and this will result in lower monthly payments and reduced interest charges.
Property assessment fee:
Property assessment fee payable on prices or values of more than £1million (non-refundable after property assessment carried out for the Society):
Purchase price or value (Not exceeding)
Purchase application (Property assessment fee)
Remortgage application (Property assessment fee)
£1,000,000
Free
Free
£1,500,000
£310
£310
£2,000,000
£510
£510
£2,500,000
£890
£890
£3,000,000
£1,290
£1,290
£3,500,000
£1,690
£1,690
£4,000,000
£2,090
£2,090
£4,500,000
£2,490
£2,490
£5,000,000
£2,890
£2,890
For a price or value exceeding £5 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.
Mortgage exit administration fee:
Payable on redemption of mortgage.
Early repayment charge:
This charge is calculated as a percentage of the amount repaid early, excluding any arrears of interest, or other charges. The early repayment charge is payable on any amount that you repay in excess of the monthly payment due on the mortgage.
Overpayments:
Overpayments of up to 10% per year may be made without incurring the early repayment charge.
Standard features of all Hinckley & Rugby Special Mortgage Schemes
Available on properties in England and Wales
Available for house purchase or remortgages. Additional borrowing is available for existing mortgages
Interest-Only mortgages (up to 60% LTV only) – a Capital Repayment Strategy in the form of equity in a second property owned by the applicants in England or Wales, must be in place for Interest-Only mortgages
Buy to Let properties with adequate equity that is held in a limited company, where the only shareholders are the residential borrower applicants, is an acceptable repayment vehicle
Sale of applicants’ residential security will be considered in the specific circumstance of the property value being £400,000 minimum, LTV being 50% or lower and subject to a review of the credibility of downsizing in the local area
Minimum loan £100,000 (existing members £50,000)
(existing members £50,000)
Minimum term 5 years
Normal maximum term 40 years, depending on age limits
Interest calculated on a daily basis
Applications accepted for advances on private dwelling houses of various types providing they are of Standard Construction
No tied insurances
Minimum age for applicants 18
Portable up to the existing mortgage balance
Tariff of charges during the life of any mortgage available on request
For remortgages, the property must have been owned by the applicants for a minimum of 6 months
Cashback for remortgages
£250 cashback paid to your nominated bank account within one month of the completion of your mortgage
Representative example
A mortgage of £213,600.00 (a loan of £212,800.00 plus a completion fee of £800 added to the loan) over 23 years initially on a fixed rate for five years of 4.35% and then on our Standard Variable Rate of 6.44% for the remaining 18 years would require 60 monthly payments of £1,225.86 followed by 216 monthly payments of £1,436.21. The total amount payable would be £384,371.96 made up of the loan amount plus interest (£170,172.92), an arrangement fee (£199.00), a legal fee (£250.00) and a mortgage exit administration fee (£150.00).
The overall cost for comparison is 5.7% APRC representative.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Representative example
A mortgage of £213,600.00 (a loan of £212,800.00 plus a completion fee of £800 added to the loan) over 23 years initially on a fixed rate for five years of 4.35% and then on our Standard Variable Rate of 6.44% for the remaining 18 years would require 60 monthly payments of £1,225.86 followed by 216 monthly payments of £1,436.21. The total amount payable would be £384,371.96 made up of the loan amount plus interest (£170,172.92), an arrangement fee (£199.00), a legal fee (£250.00) and a mortgage exit administration fee (£150.00).
The overall cost for comparison is 5.7% APRC representative.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
SPECIAL MORTGAGE SCHEME
