An application fee of £100 is payable upfront, which is non-refundable, for Product Transfers only this can be added to the mortgage loan, if required. You must positively elect to add the fee to the mortgage loan. Interest will be charged, at the applicable rate, on all fees added to the loan.
A product fee of £895 is payable. This can either be deducted 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.
Early Repayment Charge: If the mortgage is repaid either in whole or in part, or is transferred to an alternative product, before 31 December 2024 then an early repayment charge will apply. This charge will be based on; 5% of the outstanding loan if the mortgage is repaid before 31 December 2020, 4% of the outstanding loan if the mortgage is repaid before 31 December 2021, 3% of the outstanding loan if the mortgage is repaid before 31 December 2022, 2% of the outstanding loan if the mortgage is repaid before 31 December 2023 and 1% of the outstanding loan if the mortgage is repaid before 31 December 2024. Capital repayments, which are not subject to the above early repayment charge, can be made of up to 10% of the original loan amount (original transfer amount if variation) in any 12 month period from the date of completion.
Free standard mortgage valuation for all purchase, re-mortgage or additional borrowing applications. If a valuation is required in connection with a product transfer then a valuation fee will be payable (per scale)
A Higher Lending Charge will be applicable for any mortgages where the loan to value is above 80%, this will be paid by the Society.
A Mortgage Exit Fee is payable at the prevailing rate on full repayment (redemption) of your mortgage.
Representative Example (based on a house purchase):
The Annual Percentage Rate of Charge (APRC) varies with the circumstances of each mortgage. Here is a representative example of a loan secured on your main residential property: A mortgage of £180,000.00 on a capital and interest (repayment) basis payable over 25 years initially on a fixed rate for 5 years fixed at 2.36% and then on our Standard Variable Rate (SVR) of 5.69% (variable) for the remaining 20 years you would pay:
1 monthly repayment of £11.64, followed by
60 monthly repayments of £793.37, followed by
240 monthly repayments of £1,056.75
The total amount payable would be £302,368.84 made up of the loan amount of £180,000.00 plus interest (£121,233.84) with an application fee of £100, product fee of £895, a funds transfer fee of £20 and legal fee of £120. The overall cost for comparison is 4.4% APRC representative.
Please note: the example above is for a residential property purchase only and assumes a payment date of 1st of the month. If you choose to pay your mortgage later in the month this will affect payments and could result in a higher APRC. For product transfers, re-arrangement and additional borrowing applications, certain fees do not apply. Please speak to your mortgage adviser for further details.