Legal Assisted 2 Year Interest Only Fixed Rate Mortgage
RATES CORRECT AS AT 10 Jun 2019
Fixed up to and inc. 30/09/2021
Then changing to the Society's SVR less a discount of 1.25%, (currently)
Up to and inc. 30/09/2024
Then changing to the Society's SVR, (currently)
For the remaining term of the mortgage
The overall cost for comparison is
Maximum loan to value
FEES AND CHARGES WILL APPLY, SOME OF WHICH ARE NON-REFUNDABLE, SEE BELOW.
A mortgage of £200,000.00 payable over 25 years initially on a fixed rate for 2 years at 1.87% and then a 1.25% discount on our current Standard Variable Rate of 5.69% for 3 years and then on our current Standard Variable Rate of 5.69% for the remaining 20 years would require 24 monthly payments of £311.67, 36 monthly payments of £740.00 and 240 monthly payments of £948.33.
The total amount payable would be £462,719.00 made up of the loan amount plus interest of £261,720.00 and application fee £0, product fee £999, valuation fee £0, chaps 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.
- 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 30 Sep 2021.
- Free standard valuation up to £999.
- Fees assisted legal services for standard re-mortgages.
- Maximum loan £1,250,000.
- Interest calculated daily.
- 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 term.
- Maximum Interest Only element 60%.
|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|