Important information about our 5 Year discount mortgage
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Available to:
- Applicants for the purchase or remortgage of their main residential property only.
- Applicants to be either employed or self-employed.
- Applicants must be UK residents.
- Product Availability: This product may be withdrawn with little or no notice.
To ensure funds are reserved it is essential that a loan application form is fully completed and submitted and that any application fee is paid.
Interest Rate:
- 1.25% discount off the Society's Standard Variable Rate for 5 years.
- Interest is calculated on a daily basis.
- The interest rate payable will not fall below 3% at any time during the life of the mortgage.
- The Society reserves the right to withdraw the discounted rates:
(a) you cease to occupy the property as your main residence.
(b) the account falls into arrears.
The Society's Standard Variable Rate, applicable at that time, would then apply.
Loan:
- Minimum loan £30,000.
- Maximum loan £500,000.
- Maximum loan to value 85%.
- Additional borrowing:
If you qualify, additional borrowing is available under the Society's Speedtrack Further Loan scheme (see separate leaflet for terms and conditions).
Fees/Charges:
- Application fee of £495 is payable - £100 payable on application (non refundable), the balance being payable on completion or deducted from the advance.
- Valuation fee payable up front by the applicant.
- Early Repayment Charge: If the mortgage is repaid either in whole or in part, or is transferred to an alternative product, within the first 2 years, then a charge equivalent to 5% of the amount being repaid or transferred will become due.
- A sealing fee/administration fee of £125 is payable on redemption of your mortgage.
- Property Insurance: Where building insurance is not taken out with the Society, an administration fee of £25 is payable. Prior to completion, the Society will need to be satisfied that the insurance cover meets its minimum requirements. Full details of minimum requirements are available on request.
Portability:
- This product is portable. If you move home, the mortgage product may be transferred to your new property (subject to terms and conditions).