Legal Assisted Part and Part 2 Year Interest Only Mortgage
RATES CORRECT AS AT 20 November 2024
Initial rate
4.94%
Fixed up to and inc. 28/02/2027
Then changing to the Society's SVR less a discount of 0.75%, (currently)
7.49%
Up to and inc. 28/02/2030
Then changing to the Society's SVR, (currently)
8.24%
For the remaining term of the mortgage
The overall cost for comparison is
7.9%
APRC
Maximum loan to value
60%
FEES AND CHARGES WILL APPLY, SOME OF WHICH ARE NON-REFUNDABLE, SEE BELOW.
Representative Example
A mortgage of £180,000.00 payable over 25 years initially on a fixed rate for 2 years at 4.94% and then a 0.75% discount on our current Standard Variable Rate of 8.24% giving a rate of 7.49% for 3 years and then on our current Standard Variable Rate of 8.24% for the remaining 20 years would require 24 monthly payments of £741.00, 36 monthly payments of £1123.5 and 240 monthly payments of £1236.00.
The total amount payable would be £535,904.00 made up of the loan amount plus interest of £354,870.00 and application fee £0, product fee £999, valuation fee £0, funds transfer fee £35.
The overall cost for comparisons is 7.9% APRC representative.
This representative example assumes a mortgage completion date on the 1st day of a calendar month.
The above representative example is for illustration purposes only and may vary depending on your personal circumstances.
This representative example has been calculated on an interest only basis. The monthly payments, total amount payable and interest charged all reflect this calculation method.
Additional features
- Interest calculated daily.
- Maximum loan £2,000,000.
- Interest Only available up to 60% loan to value.
- The sale of the mortgaged property can be used as a repayment strategy. However, there must be sufficient equity remaining after the mortgage has been repaid to make downsizing to another property possible.
- When you're applying for an interest only mortgage, please be aware that you'll need to have a credible repayment strategy in place to pay off the loan and any interest accrued under the mortgage at the end of the term. All repayment strategies will be subject to approval by our mortgage underwriters.
- The Society will assist in covering the basic legal costs of a standard re-mortgage.
- Free standard valuation up to £999.
- 10% capital repayments are allowed each year during the fixed rate period without incurring an Early Repayment Charge.
- Tapered Early Repayment Charges apply up to and including 28 Feb 2027.
Fees
Application Fee (payable on application - non-refundable)
£0
Product Fee (payable on application - this is refundable should the mortgage not complete)
£999
Mortgage Exit Fee
£199