(D151) 5 Year 2.71% Discount Floored Further Advance

This five-year discount mortgage comes with an interest rate of 2.49%, which includes a 2.71% discount from our Standard Variable Rate for 5 years followed by our Standard Variable Rate for the remainder of the term, currently 5.20%. The interest rate for this mortgage is 'floored', which means that while the rate may increase, it will never fall below 2.49% during the discount period.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

(D151) 5 Year 2.71% Discount Floored Further Advance

Initial rate

2.49%

Subsequent Rate (SVR)

5.20%

Overall cost for comparison

3.10% APRC

Maximum loan to value (LTV)

80%

Incentives

None

Arrangement Fee

£150

Early repayment charge

None

Product Summary

Initial Rate

This five-year discount mortgage comes with an interest rate of 2.49%, which includes a 2.71% discount from our Standard Variable Rate for 5 years followed by our Standard Variable Rate for the remainder of the term, currently 5.20%. The interest rate for this mortgage is 'floored', which means that while the rate may increase, it will never fall below 2.49% during the discount period.

Portability

This further advance 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 or Interest-Only*. 

Conditions apply, please speak to us.

Restrictions

Maximum LTV 80% includes existing loan plus further advance.

Minimum Valuation £125,000

Not permitted within 6 months of completion of the original mortgage, a valuation fee may be charged, and a credit & affordability assessment will be conducted.

Loan Size

Minimum £5,000 - Maximum £500,000. 

The total loan including the existing mortgage may not exceed £1,500,000.

Fee Details

A £150 arrangement fee will be charged.  This can be added to the loan on completion however this will result in interest being charged on it making the overall fee greater over the term of the mortgage.

Purpose of Advance

For improvements to the property or another reason can be discussed with us by exception.

Early Repayment Charge Details

No early repayment charges apply to this mortgage.

Representative Example

A mortgage of £36,000, payable over 5 years, on a capital repayment basis, with an initial rate of 2.49%, which includes a 2.71% discount from our Standard Variable Rate for 5 years, would require 60 monthly payments of £638.75.

The total amount payable would be £38,800.00 made up of the loan amount plus interest (£2,325), Additional Borrowing Arrangement Fee (£150) and a Standard Valuation Fee (£325). 

The overall cost for comparison is 3.10% APRC representative.

Important Notes:

Once the product matures the interest rate will revert to our Standard Variable Rate (SVR) unless a new product is taken out. Our SVR is currently 5.20%. This is set by us and may go up or down in the future.

The Overall Cost for Comparison is given as the Annual Percentage Rate of Charge (APRC) and includes all charges incurred relating to the mortgage/product. The APRC enables you to compare the cost of different products.

The Maximum Loan to Value (LTV) is calculated by us using your current mortgage balance, the proposed further advance, and our current assessed valuation of your property.

3 easy ways to apply

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0161 429 4318

Monday - Friday

08:45 - 17:00

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH REPAYMENTS ON YOUR MORTGAGE