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2 Year Discounted Variable Rate Mortgage - Existing Customer Only
A discounted variable rate mortgage has an interest rate that is set a certain amount below the Society’s standard variable rate (SVR). Following a change to our SVR your mortgage payment will change too and these changes can be outside of a Bank of England Base Rate change.
Representative example
A mortgage of £150,000.00 over 19 years on an initial variable rate currently at 5.25% for 2 years followed by our standard variable rate currently at 6.94% for the remaining 17 years would require 24 monthly payments of £1,053.36 and 204 monthly payments of £1,185.89. The total amount payable would be £264,960.42 made up of the loan amount of £150,000.00 plus interest of £114,960.42, a product fee of £999.00 and and mortgage exit administration fee of £130.00. The representative example is for illustration only. Your actual costs and monthly payment will vary depending on your mortgage
Good to Know
- Variable rate product over a set period of time
- You need to be comfortable that if interest rates rise your monthly payments will subsequently increase
- Variable rate products are usually popular in times of low or falling interest rates
- Following a change to the Society’s SVR your mortgage payment will also change
Summary information
Interest Rates
1.69% Discount from the Society’s SVR (currently 6.94%) giving a current pay rate of 5.25% until 31st January 2027.
Maturity Date
31 January 2027
Maximum Loan to Value (LTV)
80%
Loan Amount
£1,000 - £1,500,000
Daily Interest Calculation
Interest is calculated on the balance of your account at the end of each day. Interest is accrued daily and added to your account balance on the last day of every month. Every cleared payment that is made reduces the mortgage balance and interest is recalculated on the reduced balance.
Minimum Term
2 Years
Reservation Fee
0
Completion Fee
999
Incentives
10% overpayments per annum
Early Repayment Charge
1% of balance outstanding until 31st January 2027.
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YOUR MORTGAGE WILL BE SECURED ON YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE