Borrowers with larger loan requirements, who are buying or remortgaging their home, have at least 20% deposit/equity and are comfortable with interest rate changes.
Borrowers who plan to repay more than 25% in any one year during the discount period or who want a fixed rate of interest.
4.95% variable, which includes a 2.75% discount from our Standard Variable Rate for 3 years.
Our Standard Variable Rate* for the remainder of the term, currently 7.70%.
7.2% APRC
Arrangement fee - £999 (Can be paid up front or added to the loan)
Mortgage exit fee - £100 (payable when the mortgage is fully repaid)
Standard Valuation Fee – dependent on the property value
None.
A full or partial capital repayment, which exceeds 25% of the capital balance amount in any one year will attract an early repayment charge of:
3% in the 1st year
2% in the 2nd & 3rd year
Purchase or Remortgage
Capital & Interest or Interest-Only
80% - Capital & Interest (70% for loans above £1,000,000)
60% - Interest-Only
Minimum £500,000 – Maximum £1,800,000
This product is portable and can be transferred from the existing property to a new property.
The interest rate for this mortgage has a ‘floor’, which means that it will never fall below 2.50% during the discount period.
If you add the arrangement fee to the loan, then interest will be charged on it resulting in a greater amount payable over the term of the mortgage.
The mortgage is available on an interest-only basis providing the loan-to-value does not exceed 60%. A suitable strategy for repayment must be in place.
Property must be in England and Wales with a value of £625,000 or more.
Mortgages are subject to underwriting.
This information is to help you understand the typical cost of this mortgage and is not representative of your personal circumstances.
A mortgage of £600,000.00 payable over 25 years, on a capital & interest repayment basis, with an initial discounted rate of 4.95%, which includes a 2.75% discount from our Standard Variable Rate (SVR) for 3 years and then on our SVR, currently 7.70%, for the remaining 22 years. The initial term would require 36 monthly payments of £3,490.08, followed by 264 monthly payments of £4,413.25.
The total amount payable would be £1,293,104.88, made up of the loan amount (£600,000.00), plus interest (£690,740.88), Arrangement Fee (£999), Standard Valuation Fee (£1,015), Solicitor Fee (£250), and a Mortgage Exit Fee (£100).
The overall cost for comparison is 7.2% APRC.
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