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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 – Contact one of our branches to arrange a mortgage appointment at a convenient time.

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 - Coming to the end of your current deal

No further legal work required for a straightforward product transfer

Exclusive products for existing borrowers available

Minimal paperwork

We have designed a straightforward process to ensure that you benefit from a suite of loyalty mortgage products. We wont charge you to switch products, unless a product fee applies.

Step 1 – We will write to you to let you know that your current mortgage deal is coming to an end. We will clearly outline to you all of the products that are available to you.

Step 2 – You may decide that you require further help and guidance from one of our Qualified Mortgage Advisers. If you do, full details of who to contact and next steps will be in the letter that is sent to you.

Step 3 – If you are happy with a mortgage product that we have offered in the letter, simply let us know by following the instructions outlined within the pack sent to you.

Step 4 – Relevant paperwork will be sent to you for consideration and once you are happy with the information provided, please sign and return.

Step 5 – A Mortgage Offer would be issued for you to sign and return to us by the 15th of the month.

Step 6 – Your new mortgage would be transferred to your chosen mortgage product on the 1st of the following month. To enable this transfer to happen on the 1st of the month, we would require all completed paperwork back at the Society by the 15th of the preceeding month.

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 (APR)

The annual percentage rate (APR) is the total cost of the loan expressed as an annual percentage. The APR 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 APR 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 35 years.

Mortgage Products Available

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 £0 2.04% variable for 2 years (our standard variable rate minus 3.65% discount) 5.69% 5.30% Annual Percentage Rate (APR)* View
2 Year Discount - up to 75% Loan to Value £0 £0 1.59% variable for 2 years (our standard variable rate minus 4.10% discount) 5.69% 5.20% Annual Percentage Rate (APR)* 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