Legal Assisted 2 Year Interest Only Mortgage
RATES CORRECT AS AT 26 November 2020
Initial rate
1.89%
Fixed up to and inc. 28/02/2023
Then changing to the Society's SVR less a discount of 1.25%, (currently)
4.04%
Up to and inc. 28/02/2026
Then changing to the Society's SVR, (currently)
5.29%
For the remaining term of the mortgage
The overall cost for comparison is
4.8%
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 1.89% and then a 1.25% discount on our current Standard Variable Rate of 5.29% giving a rate of 4.04% for 3 years and then on our current Standard Variable Rate of 5.29% for the remaining 0 years would require 24 monthly payments of £283.50, 36 monthly payments of £606.00 and 240 monthly payments of £793.50.
The total amount payable would be £400,094.00 made up of the loan amount plus interest of £219,060.00 and application fee £0, product fee £999, valuation fee £0, funds transfer fee £35.
The overall cost for comparisons is 4.8% 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.
Additional features
- Interest calculated daily.
- Maximum loan £1,250,000.
- This product is only available to interest only applications.
- Available where part or all of the mortgage is on Interest Only.
- Sale of the mortgaged property can be used as a repayment strategy but equity must make downsizing plausible at the end of the mortgage.
- Fees assisted legal services for standard re-mortgages.
- 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 2023.
| 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 |