10 Year Retirement Interest Only Fixed Rate Mortgage
RATES CORRECT AS AT 30 October 2010
Initial rate
3.89%
Fixed up to and inc. 28/02/2031
Then changing to the Society's SVR, (currently)
5.29%
For the remaining term of the mortgage
The overall cost for comparison is
4.6%
APRC
Maximum loan to value
55%
FEES AND CHARGES WILL APPLY, SOME OF WHICH ARE NON-REFUNDABLE, SEE BELOW.
Representative Example
A mortgage of £55,000.00 payable over 25 years initially on a fixed rate for 10 years at 3.89% and then on our current Standard Variable Rate of 5.29% (variable) for the remaining 15 years would require 120 monthly payments of £286.71 and 180 monthly payments of £314.68.
The total amount payable would be £92,081.38 made up of the loan amount plus interest of £36,047.38 and application fee £0, product fee £999, valuation fee £0, funds transfer fee £35.
The overall cost for comparison is 4.6% 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.
- Sale of the mortgaged property is the only repayment strategy accepted.
- No maximum term.
- This product is only available on an interest-only basis.
- 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 2031.
| 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 |