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Discount Mortgages from the Friendlier Face of Finance

Full Terms and Conditions relating to our 2-year Discount - up to 60% Loan to Value Mortgage Product

Available to:

  • Existing borrowers for product transfer purposes, re-arrangement, Additional Borrowing applications and existing customers moving home.
  • Borrowers to be either employed or self-employed (confirmation of income will be required).
  • Borrowers 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.
  • Product Availability: This product may be withdrawn with little or no notice.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 (if applicable) and submitted and that any applicable 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:

  • 4.20% discount off the Society's standard variable rate (currently 5.69%) for 2 years.
  • After 2 years, the rate will revert to the Society's SVR, applicable at that time, which will not fall below 3% at any time during the life of the mortgage.
  • 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 discounted 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.


  • Maximum loan £,1,500,000.
  • Maximum loan to value 60% (excluding any fees added to the loan). Loan to value is your total mortgage amount divided by the purchase price or valuation, whichever is lower.


  • No Application fee is payable for product transfers.  An 'Account Review' offering the following facilities is available at no extra cost (when taken at the time of the transfer), subject to terms and conditions, and the Society's responsible Lending Policy:
    -  Change of mortgage term
    -  Change of method of repayment
    If you are an existing borrower moving home and wish to apply for this product to fund your new purchase, an up-front application fee of £200 will be payable.
  • Free standard mortgage valuation for all purchase, remortgage or further borrowing applications. If a valuation is required in connection with a product transfer then a valuation fee will be payable (per scale).
  • No Early Repayment Charges apply to this product.
  • A Mortgage Exit Fee is payable at the prevailing rate on full repayment (redemption) of your mortgage.

Additional borrowing:

  • If you qualify, funds may be available under the Society's Additional Borrowing facility.
  • An up front additional borrowing fee of £200 (non-refundable), together with valuation fee (per scale) is payable in respect of any additional borrowing.
  • Further details are available on request.

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 £106,500 on a capital and interest (repayment) basis payable over 25 years initially on a discounted variable rate of 1.49% (equal to 4.20% discount off our Standard Variable Rate (SVR)) and then on our Standard Variable Rate (SVR) of 5.69% (variable) for the remaining 23 years you would pay:

1 monthly repayment of £73.91, followed by
24 monthly repayments of £424.92, followed by
276 monthly repayments of £642.89

The total amount payable would be £187,849.63 made up of the loan amount of £89,000 plus interest (£81,209.63) with a funds transfer fee of £20 and Legal fee of £120.  The overall cost for comparison is 5.0% APRC representative.

Please note: the example above is for residential property purchase only and assumes a completion date of after 1st October 2018 and 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).