(F416) 5 year 5.14% Fixed until 30.06.2029

This mortgage comes with an interest rate of 5.14% fixed until 30.06.2029 followed by our Standard Variable Rate for the remainder of the term, currently 8.10%.

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(F416) 5 year 5.14% Fixed until 30.06.2029

Initial rate

5.14%

Subsequent Rate (SVR)

8.10%

Overall cost for comparison

7.00% APRC

Maximum loan to value (LTV)

95%

Incentives

Yes

Arrangement Fee

No fee

Early repayment charge

Yes

Is this product right for you?

What are the key features of this product?

This is a fixed rate mortgage product which means monthly payments will not go up or down during the term of the fixed period. This is different to a discount rate product. The rate of interest is not linked to the Society’s Standard Variable Rate (SVR) for mortgages. During the first 5 years the interest rate charged will be fixed at 5.14%.

Three months before this product ends, we will contact you with the options available. If you do nothing at the end of the product period, you will move to the Society’s SVR which may mean your payments increase.

This product is available on:

  • A Capital & Interest repayment basis. This means your monthly repayments will contribute to paying back the initial loan as well as the monthly interest on the remaining balance. Over time, this will mean the amount owed will reduce and the interest will also reduce.

This product is available for properties in England and Wales, excluding London and the South-East.

There is no fee payable for setting up this mortgage.

This product is available for loans of at least £135,000 and up to £350,000.

This product comes with a free basic valuation (up to the value of £1,000) of the property you are purchasing.

Who is this product designed for?

This product is designed for customers wanting a residential mortgage who:

  • are looking to purchase or remortgage a property.

  • have at least a 5% deposit/equity in their property.

  • are happy to fix their payments now and have certainty that payments will not change until the end of the fixed period.

  • do not intend to make overpayments of more than 10% in any of the first 5 years.

Who is this product NOT intended for?

This product is not intended for customers who:

  • want their monthly payments to change with the Society's SVR for the term of the product.

  • plan to repay more than 10% of the loan in any year within the first 5 years as this will result in a charge.

Does this product deliver "fair value" for customers?

Being a mutual building society, all our products are priced to balance the needs of our Member savers and borrowers and the Society’s operating costs to support the Society’s long-term future.

We support our mortgage customers by providing each applicant with a bespoke, personal, and individual approach. We largely deal with people whose circumstances do not fit into the standard requirements of automated decision-making processes used by larger lenders.

We believe this product represents fair value for the customers it was designed for considering the customer support provided before, during and after the application.

Product Summary

Initial Rate

5.14% fixed until 30.06.2029 followed by our Standard Variable Rate for the remainder of the term, currently 8.10%.

Fee Details

No fee

Maximum LTV

95%

Loan Size

Minimum £135,000 - Maximum £350,000

Maximum Mortgage Term

35 years

End Date

This 5-year product has a fixed end date of 30.06.2029. Dependent on when your loan completes, this rate may last longer or shorter than the number of years quoted in the title.

Portability

This mortgage product is portable to a new residential mortgage on a different property when the new mortgage is taken out simultaneously with the repayment of the existing mortgage. You would need to meet our credit and affordability requirements for the new mortgage, the new property would need to be acceptable to us, and approval of a new mortgage would be subject to our prevailing Lending Policy.

Repayment Method

Capital & Interest

Incentives

This product comes with a free basic valuation (up to the value of £1,000) of the property you are purchasing.

Restrictions

Lending restricted to England and Wales.

This product is available for purchases and remortgages.

Minimum property value of £142,100 is required.

Early Repayment Charge Details

A full or partial capital repayment, which exceeds 10% of the capital balance amount in any one year during the fixed period, will attract an early repayment charge of:

5% until 30.06.2025
4% until 30.06.2026
3% until 30.06.2027
2% until 30.06.2029

Representative Example

A mortgage of £131,345.00, payable over 28 years, on a capital & interest repayment basis, initially on a fixed rate of 5.14% until 30.06.2029, and then on our Standard Variable Rate, currently 8.10%, for the remaining 23 years. The initial term would require 64 monthly payments of £738.16 followed by 272 monthly payments of £952.32.

The total amount payable would be £306,693.28, made up of the loan amount (£131,345.00), plus interest (£174,928.28), Solicitor Fee (£250), Funds Transfer Fee (£15), and a Mortgage Exit Fee (£155).

The overall cost for comparison is 7.00% APRC.

This information may not be representative of your personal circumstances and your payments may differ from this. Representative data as of 1st January 2023.

Fair Value Assessments Supplementary Information

 

We are required to assess each of our products to determine whether it provides fair value to customers. The outcome of these individual assessments can be found in the above product information. 

Further information can be found in our supplementary information document, linked below.


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