1.00% Right to Buy Discount for Term Further Advance
Representing a 1.00% discount off our Standard Variable Rate
(The overall cost for comparison)
Available for: Right to Buy Further Advances Only
Min/Max Adv: £5,000/£500,000
Max Loan To Value: 100% of the discounted purchase price, 80% of the full property value (based on total borrowing with the Society)
Arrangement Fee: None
Valuation Fee: A revaluation fee of £150 may be applicable.
Application Fee: £125
Early Repayment Charge (ERC): 1% in the first three years
Overpayments: 10% of the advance amount can be repaid per annum for three years without incurring a charge. A 1% charge is due on any amount repaid that exceeds 10% per annum
Restrictions: This mortgage must be repaid on a capital & interest basis.
Additional borrowing is permitted for home improvements only subject to being no more than 20% of the discounted sum. For funds to be released, we require sight of invoices detailing the costs of any proposed improvements.
Other Features: None
A mortgage of £20,000 payable over 12 years on our discounted rate at 1.00% below the Society's Residential Standard Variable Rate of 4.99% (variable) for the mortgage term of 12 years would require 144 monthly payments of £175.01 plus one initial interest payment amount of £67.59.
The total amount payable would be £25,524.03 made up of the loan amount plus interest (£5,269.03) and Revaluation Fee (£150), CHAPS fee (£25) and Application Fee (£125).
The overall cost for comparison is 4.4% APRC representative.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE