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Thinking about additional borrowing?

If you are an existing Leek United mortgage customer and would like to discuss additional borrowing, you can speak directly to your branch or contact one of our experienced Qualified Mortgage Advisers.

You will receive the same personal Leek United service that you will undoubtedly have become accustomed to. Your Qualified Mortgage Adviser will work with you to make sure that any additonal borrowing is appropriate to your needs and that any increase in monthly repayments is affordable.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

How do I apply?

How do I apply?

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Understanding the Process

Understanding the Process

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Jargon Buster

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Speak to one of our Qualified Mortgage Advisers.

Face to Face – the very best personal service

You may choose to visit one of our branches and speak to a Qualified Mortgage Adviser face to face. We would love to see you and spend the time getting to know what’s important to you for the next few years of your mortgage.

Not all of our branches have a Qualified Mortgage Adviser in branch, however that’s not a problem as our Qualified Mortgage Advisers are flexible and will happily meet you at a branch of your choice.

Please get in touch, by contacting your local branch

Step 1 – Contact us at a branch of your choice to arrange a mortgage appointment at a location of your choice.

Step 2 – Meet your Qualified Mortgage Adviser and let them guide you through your mortgage interview.

Step 3 – Consider all of the information provided and when you feel ready to do so, apply for your new mortgage product.

 

Over the telephone – the very best personal service

You may not live within our branch operating area and be unable to visit one of our branches. For your convenience our Qualified Mortgage Advisers are available to speak to you over the telephone and carry out a professional, friendly service. So it really doesn’t matter how you choose to apply with us.

Step 1 – If you are an existing Leek United mortgage customer and would like to discuss additional borrowing, get in touch with us by calling 0808 169 6680 to arrange to speak to one of our experienced Qualified Mortgage Advisers.

Step 2 – Talk to your Qualified Mortgage Adviser and let them guide you through your mortgage interview.

Step 3 – Consider all of the information provided and when you feel ready to do so, apply for your new mortgage product.

Understanding the Process – Additional Borrowing

If your mortgage is already with Leek United and you wish to raise additional funds for home improvements or capital raising, for example, home improvements or to purchase a car or fund a holiday, then get in touch. Additional borrowing may be considered 6 months before the completion of your mortgage. We have a team of Qualified Mortgage Advisers, trained to deliver the highest standard of customer service, we would be delighted to see if this is something we can help you with.

Step 1 – Be prepared. Our Qualified Mortgage Advisers will want to talk to you about your personal finances. It would be helpful if you could have the following information available:

  • Last 3 months bank statements.
  • Last 3 months wage slips (or equivalent) plus your latest P60.
  • Details of any loans, credit cards or hire purchase agreements you may already have.

Step 2 – Call to arrange a convenient mortgage appointment with one of our Qualified Mortgage Advisers. If you’re local to one of our branches, we have Qualified Mortgage Advisers who can see you face to face. If you are not local or would prefer to speak to someone over the telephone we can arrange a telephone appointment for you with one of our Qualified Mortgage Advisers.

Please contact our Direct Mortgage team on 0808 169 6680 the first instance to arrange a mutually convenient appointment.

Step 3 – When contacting our Direct Mortgage team, they will discuss eligibility of additional borrowing with you. If, in principle, you fit our lending criteria they will book you an appointment to speak to one of our Qualified Mortgage Advisers.

Step 4 – Our Qualified Mortgage Adviser will contact you and guide you through an additional borrowing interview. You should allow approximately 90 minutes for this part of the process however this is tailored to your individual needs. We will take our time and ensure that you fully understand all information provided to you. We want to understand your needs and circumstances to enable us to recommend additional borrowing to you that is completely suitable, affordable and appropriate.

Step 5 – You will receive an application pack in the post. This pack will contain all the information and documentation to enable you to apply for additional borrowing with the Society. Again, your Qualified Mortgage Adviser would be on hand to answer any queries that you may have when completing the relevant paperwork.

Step 6 – On receipt of your completed paperwork, your Qualified Mortgage Adviser will contact you to confirm safe receipt and talk you through the next stages of the process.  You will be introduced to a member from our Mortgage Processing team who will be processing your application. We may need to contact you for further information. Once we are satisfied with all of the information that you have provided, where necessary, a re-valuation of your property will be instructed. Our Mortgage Administrators will keep you fully informed of the progress of your application and are always on hand to answer any queries that you may have.

Step 7 - On receipt of a satisfactory re-valuation report and all other supporting documentation being received, your additional borrowing application will be forwarded to our underwriting team to carry out their final underwriting checks. Following this approval a Binding Additional Borrowing Offer will be issued to you.

Step 8 – When you’re ready to receive the additional borrowing money, simply sign and return the offer acceptance and we’ll send you the funds within a few days.

Loan to Value (LTV)

Loan to value is the proportion of the value or price of the property (whichever is the lower), that you borrow on a mortgage. For example, a £90,000 mortgage on a house valued at £100,000 would mean an LTV of 90%

Stamp Duty

This is a Government Tax charged on purchases of land or property over a certain value.  This is charged at different rates depending on different limits and property types.

Valuation Fees

A standard valuation report is a basic assessment of the condition and value of the property and is purely for the benefit of the Society.  You may decide to have a more thorough Homebuyers Report or a full structural survey carried out.  These types of reports are more expensive than a standard mortgage valuation.

Legal Fees

A solicitor will handle all of the legal proceedings upto and including completion of the mortgage.

Product Fees

If applicable, these are payable when you apply for your mortgage with us.  We will inform you of the cost of this at the outset.

Capital and Interest mortgage

A type of mortgage where, each month you pay both the interest on the loan and an element towards the mortgage amount borrowed.  The mortgage balance decreases each month (assuming regular payments are made).  The mortgage amount would be completely repaid at the end of the mortgage term.

Interest Only

A type of mortgage where, each month, you only pay the interest on the outstanding mortgage amount.  This means that at the end of the mortgage term, the mortgage amount will still remain outstanding.  With this type of mortgage you would need a suitable repayment strategy to repay the mortgage in full at the end of the mortgage term.

Annual Percentage Rate of Charge (APRC)

The annual percentage rate of charge (APRC) is the total cost of the loan expressed as an annual percentage. The APRC is provided to help you compare different offers and is calculated using assumptions regarding the interest rate. If part of your loan is a variable interest rate loan, the APRC could be different from that quoted if the interest rate for your loan changes.

It takes into account the initial rate of interest, any other charges applicable e.g. valuation fee, application fee, solicitors costs and the amended rate when a discount or fixed rate period ends i.e. if the mortgage were to revert to the standard variable rate at the end of the agreed product term date.

We will also provide another figure to reflect the volatility of interest rates and to illustrate if these were to increase, what impact this would have on your mortgage payments and for you to think about whether this will be affordable to you in the future. The figure used is the highest that the Bank of England Base Rate (BBR) has ever been within the last 20 years. This is then added onto our current standard variable rate. This will illustrate to you the true rate of interest charged over the whole period of the loan if this circumstance occurred. This will be detailed in your mortgage illustration.

Early Repayment Charge (ERC)

An Early Repayment Charge may be payable if the mortgage is repaid in full or part before a set date.  Your mortgage illustration and mortgage offer letter will set out how much it will be and the time period it will last for.

Cashback

With some products you may receive a cashback when you complete on your mortgage.  Your mortgage illustration and offer letter will set out how much it will be  and when we will pay it.

Completion date

The day that the property becomes legally yours.  Your solicitors will arrange a completion date with you for the purchase or remortgage of the property.

Additional Borrowing

The facility for existing mortgage account holders to borrow extra money from us.  This may be available for a variety of reasons, but would be subject to you meeting the Society’s criteria and Responsible Lending Policy.

Conveyancing

Conveyancing is the legal process involved in buying and selling a property.

Daily interest

Where the interest charged on the mortgage is calculated on a daily basis.  It is calculated on the balance outstanding at the end of each day.

Equity

The equity in your property is the difference between the value of the property and the amount of mortgage outstanding.

Exchange of contracts

Exchange of contracts occur when the buyers and seller’s conveyancers exchange signed contracts.  Once this exchange has occurred both parties are legally bound.

Financial Conduct Authority (FCA)

The Financial Conduct Authority is the regulatory body for the financial services industry in the UK.

Their aim is to protect consumers, ensure the industry remains stable and to promote healthy competition between financial services providers.

Freehold

If you own the property as a ‘freehold’ tenure, then you own the property and the land that the property is built on.

Mortgage Illustration

A mortgage illustration outlines the terms of the mortgage and the total cost of the mortgage specifically to your requirements.  This mortgage illustration will be provided to you by one of our Qualified Mortgage Advisers.

Leasehold

If you own the property under a ‘Leasehold’ tenure, then you own the property but not the land it's built on. The land remains the owner of the landlord, also known as the ‘freeholder’.  Ownership of the property will also revert back to the freeholder once the lease runs out.  Leases can last for decades or centuries. There is usually an annual charge for the lease, called a ground rent.

Standard Variable Rate (SVR)

The Standard Variable Rate usually known as the SVR is a variable rate of interest. This means that your payments can go up or down. Each lender sets their own standard variable rate to reflect market conditions and it is at the lender’s discretion as to when this changes

Mortgage term

The mortgage term is the number of years in which you agree to pay back your mortgage.  The Society currently offers mortgage terms from 5 years to 40 years.

Mortgage Products Available

Fixed rate

Our competitive Fixed Rate mortgages mean just that. A fixed rate for a set amount of time, providing you with stability and guaranteeing your monthly repayment amount, regardless of any changes in interest rates.

Once this fixed rate period ends, your mortgage interest rate will change back to our Standard Variable Rate (SVR) at the current rate at this time.

Our current range of Fixed Rate mortgages designed exclusively for our existing mortgage customers are detailed below.

Product Product Fee Application Fee Initial Rate Reverting to standard variable rate currently Overall cost for comparison Terms and Conditions
2 Year Fixed Rate - up to 95% Loan to Value WITH £250 CASHBACK £0 £0 2.95% fixed until 31 December 2021 5.69% 5.4% Annual Percentage Rate of Charge (APRC)* View
5 Year Fixed Rate - up to 90% Loan to Value £895 £100 2.36% fixed until 31 December 2024 5.69% 4.8% Annual Percentage Rate of Charge (APRC)* View
2 Year Fixed Rate - up to 90% Loan to Value £0 £0 2.34% fixed until 31 December 2021 5.69% 5.3% Annual Percentage Rate of Charge (APRC)* View
2 Year Fixed Rate - up to 75% Loan to Value £895 £100 1.74% fixed until 31 December 2021 5.69% 5.3% Annual Percentage Rate of Charge (APRC)* View

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

An early repayment charge is payable  - please see 'Fees/Charges' section on terms and conditions.

Completion must take place on or before 31 December 2019.  Please note that if your mortgage does not complete by the 31 December 2019.

Discount

A Discount mortgage is a type of variable-rate mortgage. The term 'discount' is used because the interest rate is set at a certain 'discount' below our Standard Variable Rate (SVR) for a set period of time.

Having a Discount mortgage means you can be sure that your rate will always remain below our SVR for the length of the deal.

Our current range of Discounted mortgage products, exclusive for existing borrowers are detailed below.

Product Product Fee Application Fee Initial Rate Reverting to standard variable rate currently Overall cost for comparison Terms and Conditions
2 Year Discount - up to 90% Loan to Value £0 £199 2.40% variable for 2 years (our standard variable rate minus 3.29%) 5.69% 5.3% Annual Percentage Rate of Charge (APRC)* View
2 Year Discount - up to 75% Loan to Value £0 £199 1.99% variable for 2 years (our standard variable rate minus 3.70% discount) 5.69% 5.3% Annual Percentage Rate of Charge (APRC)* View

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

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Unsure about anything? Just contact us below or call 01538 384151

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE