Legal Assisted 2 Year Tracker Rate Mortgage
RATES CORRECT AS AT 23 June 2023
Initial variable rate is BoE base rate (currently 5.0%) + 0.30%
5.30%
Up to and inc. 30/09/2025
Then changing to the Society's SVR less a discount of 0.75%, (currently)
7.24%
Up to and inc. 30/09/2028
Then changing to the Society's SVR, (currently)
7.99%
For the remaining term of the mortgage
The overall cost for comparison is
7.6%
APRC
Maximum loan to value
75%
FEES AND CHARGES WILL APPLY, SOME OF WHICH ARE NON-REFUNDABLE, SEE BELOW.
Your property could be repossessed if you don't keep up your mortgage repayments.
Representative Example
A mortgage of £180,000.00 payable over 25 years initially on a tracker rate for 2 years at 0.30% above the Bank of England Base rate (currently 5.30%) and then a 0.75% discount on our current Standard Variable Rate of 7.99% giving a rate of 7.49% for 3 years and then on our current Standard Variable Rate of 7.99% for the remaining 20 years would require 24 monthly payments of £1082.85, 36 payments of £1285.17 and 240 monthly payments of £1360.09.
The total amount payable would be £399,710.39 made up of the loan amount plus interest of £218,676.39 and application fee £0, product fee £999, valuation fee £0, funds transfer fee £35.
The overall cost for comparison is 7.6% APRC representative.
During the fixed term, the interest rate won’t go under 0.50%, even if the Bank of England base rate drops below this. This is sometimes referred to as an interest rate ‘floor’.
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.
This example has been calculated on a Capital & Interest repayment method. The monthly payments, total amount payable and interest charged all reflect this calculation method.
Additional features
- During the fixed term, the interest rate won't go under 0.50%, even if the Bank of England base rate drops below this. This is sometimes referred to as an interest rate 'floor'.
- Interest calculated daily.
- The Society will assist in covering the basic legal costs of a standard re-mortgage.
- Free standard valuation up to £999 .
- This product is not available to interest only applications.
- Unlimited capital repayments are allowed.
- No Early Repayment Charges apply.
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
Like the sound of this mortgage?
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