Important information about our 3 Year Fixed Rate Mortgage

Your home may be repossessed if you do not keep up repayments on your mortgage

Available to:

  • New customers for the purchase or remortgage of their main residential property only.
  • Applicants to be either employed or self-employed (confirmation of income will be required).
  • Applicants must be at least 18 years of age and be UK residents.
  • Houses within England (including Isle of Wight) and Wales are an accepted type of security.
  • Unacceptable property types are flats, maisonettes and houses converted into flats.
  • Product Availability:  This product may be withdrawn with little or no notice.
    To ensure funds are reserved it is essential that a residential mortgage application form is fully completed and submitted and that any booking fee is paid.
  • Purchase/Remortgage will not be acceptable unless the owner/vendor has been registered with the Land Registry for at least six months.

Interest Rate:

  • 3.59% fixed until 28 February 2018.
  • Completion must take place on or before 28 February 2015.  Please note that if your mortgage does not complete by the 28 February 2015, you will not benefit from the fixed rate period quoted.
  • As interest is calculated on a daily basis, any overpayments you make will immediately reduce the amount you owe and also the amount of interest you pay.
  • The Society reserves the right to withdraw the fixed rate if you cease to occupy the property as your main residence.  The Society's standard variable rate, applicable at that time, would then apply.

Loan:

  • Minimum loan £30,000.
  • Maximum loan £500,000 (loan size restrictions apply see below)
    Loan to Value Ratio.  This is your total mortgage amount divided by the purchase price or valuation, whichever is the lower.
    Loan amount                                Maximum Percentage
    Up to £300,000                             90%
    £300,001 to £350,000                    85%
    £350,001 to £400,000                    80%
    £400,001 plus                               75%
  • Maximum loan to value 90% (excluding any fees added to the loan)
  • Maximum loan to value for capital raising (for anything other than home improvements, purchase or transfer of equity) is 75% (excluding any fees added to the loan).

 

Fees/Charges:

  • A Booking fee of £100 is payable up front, which is non refundable. 
  • An application fee of £495 is payable.  This can either be paid up front or added to the loan, if required. You must positively elect to add the fee to the mortgage loan.  Interest will be charged, at the applicable rate, on fees added to the loan.
  • A Valuation fee is payable up front by the applicant.  The valuation fee will be calculated as a proportion of the value of the property and will be refunded on completion of the loan where the property value is up to £500,000 and where a standard valuation applies.  Please note that this is a standard mortgage valuation of the property not a survey - please refer to the 'Valuation fee' section in our Homebuyers Guide for further details.
  • Early Repayment Charge:  If the mortgage is repaid, either in whole or in part, or is transferred to an alternative product before 28 February 2018, then a charge equivalent to 2% of the amount being repaid or transferred will become due except on capital repayments of up to 10%, calculated on the original loan amount, made in any twelve month period from the date of completion.
  • A Higher Lending Charge (HLC) is payable by the applicant if the loan you require represents more than 75% of the value or purchase price of the property, whichever is the lower.  It is used to arrange additional security in the form of an insurance guarantee, which provides cover for the Society in respect of that part of the loan which exceeds 75%. This may be paid on completion or added to the advance.
  • A Mortgage Exit Administration Fee of £125 is payable on full repayment (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 of the mortgage.  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.                                                                                                               

    The Society charges an administration charge of £25 to cover our costs in obtaining and registering details of your new policy and taking out a contingency insurance to protect our interest in the property should your policy be invalidated or cancelled.  No further charge is payable if you change insurer again in the future.  This charge is applied to all mortgage accounts if the customer arranges their own insurance at any time during the period of the mortgage.

 Additional borrowing:

  • If you qualify, additional funds may be made available using the Society's Additional Borrowing facility.

    An up front application fee of £100 (non-refundable), together with valuation fee (per scale) is payable in respect of any additional borrowing.

    Further details are available on request. 

Cash back

  • Cash back £250.  This will be paid to your Solicitor on completion.  If you are an existing borrower this will be paid by cheque direct to yourself.

Portability:

  • This product is portable.  If you move home, the mortgage product may be transferred to your new property (subject to terms and conditions) - please see following Fixed Rate Portability page for details.

Your home may be repossessed if you do not keep up repayments on your mortgage

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