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5 Year Fixed Mortgage (Until 31st August 2012)
If you like to know exactly how much you have coming in as well as going out each month then you might want to consider a 5 year fixed rate mortgage. This way you can be safe in the knowledge that you can budget and save without any surprises for a few years.
A 5 year fixed rate mortgage will allow you to arrange your finances around a regular monthly payment whilst having peace of mind that you won't be tied in long-term. Our shortest fixed rate mortgage allows you to make financial plans without assigning yourself long-term. So you can enjoy the security of knowing the exact amount you will repay each month, despite any changes in interest rates.
Benefits of our 5 year fixed rate mortgage:
- You're protected against rising interest rates for the 5 year fixed rate term
- The interest rate you are charged remains the same for the 5 year fixed rate term, regardless of what happens in the economy and how our rates change
- You'll have peace of mind, as you know exactly how much your repayment will be every month.
The following is an overview of our fixed rate mortgage. You are also advised to read the FSA Guidelines.
Note: The information contained on our website does not contain all the details that you need to choose a mortgage. Make sure you read a separate Key Facts illustration before you proceed. This will be provided to you when you enquire about a mortgage with us.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
overview
Rate & Term
Initial rate 4.99% fixed until 31st August 2015. Changing to our standard variable rate, which is currently 6.38% from 1st September 2015 for the remainder of the mortgage term. The overall cost for comparison is 6.2% APR.
Daily Interest Calculation
With daily interest, your interest is calculated on the balance of your account at the end of each day. Interest is then accrued daily and added to your account balance on the last day of every month. This means every cleared payment that is made reduces the mortgage balance and interest is recalculated on the reduced balance.
Loan Amount
£50,000 - £1,000,000 (Max Loan Amount is restricted to £350,000 where loan exceeds 75% LTV)
This scheme is available for House Purchase & Remortgage. All properties must have a minimum purchase price or valuation of £60,000 (whichever is lower).
The maximum Loan to Value is 80% (inclusive of the completion fee)
Minimum repayment term is 5 years
charges
Early Repayment Charges
If you wish to redeem your mortgage either in part or in full, on or before 31st August 2015 then an early repayment charge will apply. The charge will be 5% until 31/08/11, 4% until 31/08/12, 3% until 31/08/13, 2% until 31/08/14, 1% until 31/08/15 of the amount repaid.
Payments of less than £500 in any one calendar month and / or your monthly mortgage payments do not qualify as capital repayments. Any one off payments of £500 or more to the mortgage will incur the early repayment charge on a pro-rata basis.
The early repayment charge will not apply if the terms and conditions of this mortgage are transferred to a new mortgage with us for an amount at least equal to the balance outstanding or on a different property which you are buying, Whether we will agree a new mortgage will be subject to suitable security, status and valuation.
Full written details are available on request.
Valuation Fee
A valuation fee will be charged. Fees vary depending on the value of your property. Details available on request.
The Society may, at its discretion, choose to assess the property without obtaining a physical inspection. In this case the figure obtained will not be made available to you.
Bank Transfer Fee £30
This fee will be debited to the mortgage account on completion or may be paid direct to the Society. It ensures the funds are with your solicitor in time for completion.
Reservation Fee - £195
This fee is to be paid upfront and is non-refundable.
Completion Fee £800
This fee will be debited to the mortgage account on completion (can be added to the loan but must not exceed maximum LTV), or may be paid direct to the Society.