1.20% Discount for Term Right-to-Buy
Representing a 1.20% discount off our Residential Standard Variable Rate
(The overall cost for comparison)
Available for: Right-to-buy Purchase and Remortgage
Min/Max Adv: £25,000/£500,000
Max Loan To Value: 100% of the discounted purchase price, 85% of the full property value (based on total borrowing with the Society)
Arrangement Fee: None
Valuation Fee: Payable on application. See Valuation Fee leaflet.
Application Fee: £125
Early Repayment Charge (ERC): 2% in the first two years
Overpayments: 10% of the advance amount can be repaid per annum for two years without incurring a charge. A 2% charge is due on any amount repaid that exceeds 10% per annum
Restrictions: This mortgage must be repaid on a capital & interest basis
Other Features: £400 cashback will be paid to the borrower on completion
A mortgage of £245,626 payable over 20 years initially on our discounted rate at 1.20% below the Society's Residential Standard Variable Rate of 4.99% (variable) for the mortgage term of 20 years would require 240 monthly payments of £1,461.41 plus one initial interest payment of £790.65
The total amount payable would be £352,194.05 made up of the loan amount plus interest (£105,903.05) and Valuation Fee (£390), CHAPS fee (£25), Application Fee (£125) and Discharge fee (£125).
The overall cost for comparison is 3.9% APRC representative.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
We have enhanced our Right to Buy offering by reducing rates and increasing the loan-to value, making the opportunity for your clients to purchase their currently council owned homes a reality.
Our Discount for Term Right-to-Buy and Right-to-Buy Further Advance products now have a reduced rate of 3.79% over the mortgage term. The LTV has also been increased to 85% (100% of the discounted purchase price) from 80%.
Furthermore, our Discount for Term Interest Only and Discount for Term Part & Part products also see a reduced rate to 3.64%. Our Discount for Term Interest Only product is now available for both purchase and remortgage.
Find out more here.