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Fixed Rate Mortgages from the Friendlier Face of Finance

Full Terms and Conditions relating to our 2 year Fixed Rate up to 80% Loan to Value Mortgage Product


  • New customers for the purchase or remortgage of their main residential property only. Existing customers for additional borrowing or product transfer of their main residential property only.
  • Applicant(s) to be either employed, self-employed or retired (confirmation of income will be required).
  • Applicant(s) must be at least 18 years of age and be UK residents.
  • Houses and flats (subject to lending policy criteria, please ask for further details) within England (including Isle of Wight) and Wales are an accepted type of security. For a list of unacceptable property types please speak to your mortgage adviser. 
  • Purchase/Re-mortgage will not be acceptable unless the owner/vendor has been registered with the Land Registry for at least six months.
  • Product Availability:  This product may be withdrawn with little or no notice.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 application fee is paid.
  • Property Insurance:  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.

Interest Rate:

  • 1.60% fixed until 30 September 2022.
  • The overall cost for comparison is 4.8% Annual Percentage Rate of Charge (APRC)*.
  • Completion must take place on or before 30 September 2020. Please note that if your mortgage does not complete by the 30 September 2020, 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 the amount of interest you pay.
  • At the end of the fixed rate period the rate will revert to the Society’s Standard Variable Rate applicable at that time which will not fall below 3.00% at any time during the life of the mortgage.
  • 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.

* The actual rate available will depend upon your circumstances. Ask for a personalised illustration.


  • Minimum loan £25,000.
  • Maximum loan £1,500,000 (loan size restrictions apply see below).
    Loan amount                     Maximum Percentage
    £400,001 to £500,000       80%
    £500,001 plus                   75%
  • Maximum loan to value is 80% (excluding any fees added to the loan). Loan to value is your total mortgage amount divided by the purchase price or valuation whichever is the lower.
  • 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).
  • Minimum Property Value is £75,000.


  • 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 30 September 2022 then an early repayment charge will apply.  This charge will be based on; 2% of the outstanding loan if the mortgage is repaid before 30 September 2021 and 1% of the outstanding loan if the mortgage is repaid before 30 September 2022. 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.
  • One 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). Please refer to the tariff of mortgage charges leaflet for further details.
  • A Mortgage Exit Fee is payable at the prevailing rate on full repayment (redemption) of your mortgage

Additional borrowing:

  • If you qualify, additional funds may be made available using the Society’s Additional Borrowing facility. An additional borrowing fee of £200 is payable upfront, which is non-refundable, in respect of any additional borrowing. Further details are available on request.


  • You will receive cash back of £400 on completion of your mortgage. Not available for product transfers or additional borrowing.

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 £167,000.00 on a capital and interest (repayment) basis payable over 25 years initially on a fixed rate for 2 years fixed at 1.60% and then on our Standard Variable Rate (SVR) of 5.19% (variable) for the remaining 23 years you would pay:

1 monthly repayment of £7.30, followed by

24 monthly repayments of £674.90, followed by

276 monthly repayments of £964.90

The total amount payable would be £283,652.30 made up of the loan amount of £167,000.00 plus interest (£115,517.30) 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 4.6% 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.


  • This product is portable.  If you move home, this mortgage product may be transferred to your new property (subject to terms and conditions).  A portability fee is payable at the time of porting the mortgage at the prevailing rate).

This product sheet should be read in conjunction with our “Homebuyers Guide” booklet, “Fixed Rate Portability Sheet” and the “Statement of Practice – Borrowers” booklet. For other charges, which may apply, see our “Tariff of Mortgage Charges”.