Existing offset borrowers who want to switch to a new mortgage product, have at least 20% equity and are comfortable with interest rate changes.
Borrowers who plan to repay more than 25% in any one year during the discount period.
5.15% variable, which includes a 2.45% discount from our Standard Variable Rate for the term of the mortgage.
5.3% APRC
Mortgage exit fee - £100 (payable when the mortgage is fully repaid)
No early repayment charges apply.
Capital & Interest or Interest-Only
80%
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.
The mortgage is available on an interest-only basis providing a suitable strategy for repayment remains in place.
At the date of the product switch, the balance must be at least £5,000 and a term of at least 3 years must remain.
This information is to help you understand the typical cost of this mortgage and is not representative of your personal circumstances.
A mortgage of £25,000.00, payable over 20 years, on a capital and interest repayment basis, with an initial payable rate of 5.15%, which includes a 2.45% discount from our Standard Variable Rate (SVR) currently 7.60%, for the term of the mortgage. The initial term would require 240 monthly payments of £167.07.
The total amount payable would be £40,196.80, made up of the loan amount (£25,000.00), plus interest (£15,096.80), and a Mortgage Exit Fee (£100).
The overall cost for comparison is 5.3% APRC.
*Important Notes:
Our SVR is currently 7.60%. 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 LTV is calculated by us using your current mortgage balance and our current assessed valuation of your property.