4.19% variable, which includes a 3.41% discount from our Standard Variable Rate for 2 years.

Our Standard Variable Rate* for the remainder of the term, currently 7.60%.

7.2% APRC

Fees

Arrangement fee - £999 (Can be paid up front or added to the loan)

Mortgage exit fee - £100 (payable when the mortgage is fully repaid)

Incentives

At any point during discount period, you can switch to a qualifying Vernon Existing Borrower Fixed Rate product without incurring an Early Repayment Charge (see eligibility). Our available products can be viewed at www.thevernon.co.uk/mortgages/switch

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 2% in the first 2 years.

No early repayment charge is payable at the end of the full mortgage term if this occurs during the discount period.

Capital & Interest or Interest-Only

80%

Portability

This product is portable and can be transferred from the existing property to a new property.

Interest rate floor

The interest rate for this mortgage has a ‘floor’, which means that it will never fall below 2.50% during the discount period.

Adding fees

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.

Interest Only

The mortgage is available on an interest-only basis providing a suitable strategy for repayment remains in place.

Eligibility

At the date of the product switch, the balance must be at least £5,000 and a term of at least 2 years must remain.

Switch to fix

If you wish to switch to a qualifying Vernon existing borrower fixed rate product during the discounted rate period, your remaining mortgage term must be the same or more than the fixed rate period of the product you wish to switch to. To make a switch you will need to contact us for advice - or to confirm that you do not require advice. We will then provide an illustration and the documentation required to make the switch.

This information is to help you understand the typical cost of this mortgage and is not representative of your personal circumstances.

A mortgage of £150,000.00, payable over 25 years, on a capital & interest repayment basis, with an initial payable rate of 4.19%, which includes a 3.41% discount from our Standard Variable Rate (SVR) for 2 years and then on our SVR, currently 7.60%, for the remaining 23 years. The initial term would require 24 monthly payments of £807.58, followed by 276 monthly payments of £1,097.18.

The total amount payable would be £323,302.60, made up of the loan amount (£150,000.00), plus interest (£172,203.60), Arrangement Fee (£999) and a Mortgage Exit Fee (£100).

The overall cost for comparison is 7.2% APRC.