5.00% variable, which includes a 2.70% discount from our Standard Variable Rate for the term of the mortgage.

5.1% APRC

100% - If over 80% LTV, then a family helper is required to provide additional security. Please see our Head Start leaflet for details.

Fees

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

Standard Valuation Fee – dependent on the property value

Incentives

One free valuation of the family helper’s property included.

If the family helper deposits funds as security, the monies will be invested into a 35-Day Notice Account for the period of involvement with the mortgage and will receive interest associated with this account.

If the terms of the mortgage are met by the borrower, the family helper will receive their funds back or have the legal charge removed from their property after five years.

A full or partial capital repayment, which exceeds 25% of the capital balance amount in the first five years of the mortgage term, will attract an early repayment charge of:

5% in the 1^st year

4% in the 2^nd year

3% in the 3^rd year

2% in the 4^th & 5^th year

Purchase only

Capital & Interest

Minimum £125,000 – Maximum £500,000

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.

Eligibility

Property must be in England and Wales with a value of £140,000 or more.

If a legal charge is being taken over a parental helper’s property, their property value must be:

• Minimum £100,000 if a 1st charge is being taken (unmortgaged property).
• Minimum £250,000 if a 2nd charge is being taken (mortgaged property).

Please see our Head Start leaflet for details.

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 £125,000.00, payable over 35 years, on a capital and interest repayment basis, with an initial payable rate of 5.00%, which includes a 2.70% discount from our Standard Variable Rate (SVR), currently 7.70%, for the term of the mortgage. The term would require 420 monthly payments of £630.86.

The total amount payable would be £265,491.20, made up of the loan amount (£125,000.00), plus interest (£139,961.20), Standard Valuation Fee (£180), Solicitor Fee for the purchase (£250), and a Mortgage Exit Fee (£100).

The overall cost for comparison is 5.1% APRC.