1.20% Right To Buy Discount for Term Further Advance

Main Features

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, 85% 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: £80

Early Repayment Charge (ERC): 1% of the current balance in the first two years

Overpayments: 10% of the advance amount can be repaid per annum for two 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

Please note that we will consider the following:

Guarantor mortgages (max 75% LTV)
Self-employed applicants with only 1 year's accounts (Max 75% LTV)
Joint borrower, sole proprietor

Representative Example

A mortgage of £91,882.00 payable over 17 years on our discounted rate at 1.20% below the Society’s Residential Standard Variable Rate of 8.74% (variable) for the mortgage term of 17 years would require 204 monthly payments of £800.43 plus one initial interest payment amount of £569.48.

The total amount payable would be £164,112.20 made up of the loan amount plus interest (£71,965.20) and Revaluation fee (£150), CHAPS fee (£25) and Application fee (£80).

The overall cost for comparison is 8.0% APRC representative.

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