Legal Assisted 2 Year Tracker Rate Mortgage
RATES CORRECT AS AT 20 October 2023
Initial variable rate is BoE base rate (currently 5.25%) + 0.23%
Up to and inc. 28/02/2026
Then changing to the Society's SVR less a discount of 0.75%, (currently)
Up to and inc. 28/02/2029
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.
Warning: THE MORTGAGED PROPERTY (WHICH MAY BE YOUR HOME) MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
A mortgage of £180,000.00 payable over 25 years initially on a tracker rate for 2 years at 0.23% above the Bank of England Base rate (currently 5.48%) and then a 0.75% discount on our current Standard Variable Rate of 8.24% giving a rate of 7.49% for 3 years and then on our current Standard Variable Rate of 8.24% for the remaining 20 years would require 24 monthly payments of £1102.07, 36 payments of £1313.84 and 240 monthly payments of £1389.65.
The total amount payable would be £408,298.22 made up of the loan amount plus interest of £227,264.22 and application fee £0, product fee £999, valuation fee £0, funds transfer fee £35.
The overall cost for comparison is 7.8% 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.
- 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.
Application Fee (payable on application - non-refundable)
Product Fee (payable on application - this is refundable should the mortgage not complete)
Mortgage Exit Fee
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