* The actual rate available will depend upon your circumstances. Ask for a personalised illustration.
Maximum loan to value is 90% (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.
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.
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 2 years fixed at 2.28% and then on our Standard Variable Rate (SVR) of 5.19% (variable) for the remaining 23 years you would pay:
1 monthly repayment of £11.21, followed by
24 monthly repayments of £786.27, followed by
276 monthly repayments of £1,046.00
The total amount payable would be £307,717.69 made up of the loan amount of £180,000.00 plus interest (£127,577.69) a funds transfer fee of £20 and legal fee of £120. The overall cost for comparison is 4.7% 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 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”.