15 Year Retirement Interest Only Fixed Rate Mortgage
RATES CORRECT AS AT 30 October 2010
Initial rate
4.04%
Fixed up to and inc. 29/02/2036
Then changing to the Society's SVR, (currently)
5.29%
For the remaining term of the mortgage
The overall cost for comparison is
4.4%
APRC
Maximum loan to value
55%
FEES AND CHARGES WILL APPLY, SOME OF WHICH ARE NON-REFUNDABLE, SEE BELOW.
Representative Example
A mortgage of £80,000.00 payable over 25 years initially on a fixed rate for 15 years at 4.04% and then on our current Standard Variable Rate of 5.29% (variable) for the remaining 10 years would require 180 monthly payments of £423.64 and 120 monthly payments of £448.79.
The total amount payable would be £131,143.71 made up of the loan amount plus interest of £50,109.71 and application fee £0, product fee £999, valuation fee £0, funds transfer fee £35.
The overall cost for comparison is 4.4% 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 29 Feb 2036.
| 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 |