3 Year Discount Residential Variable Rate 90% LTV


Key features

Product details

  • Available for house purchases or moving home only
  • 1.20% discount off Stafford Railway’s Standard Variable Rate (SVR) for two years giving a current variable rate of 2.25%, followed by our SVR for the rest of the term (currently 3.45% variable).
  • The overall cost for comparison is 3.20% APRC
  • An arrangement fee of £499 is payable
  • Valuation fees apply
  • 10% of the outstanding balance each year can be overpaid without penalty
  • Interest calculated daily
  • Representative Example (Effective from 4th July 2019)
    A mortgage of £87,400 payable over 17 years initially on a discounted variable rate of 2.25% for 3 years and then on our Standard Variable Rate (SVR) currently 3.45% (variable) for the remaining 14 years would require 36 monthly payments of £531.33 followed by 168 monthly payments of £574.86. The total amount payable would be £116,598.36 made up of the loan amount plus interest (£26,598.36), a valuation fee of £225, a funds transfer fee of £25, estimated solicitors fees of £145 and an arrangement fee of £499. The overall cost for comparison is 3.20% APRC representative.

2.25%

discounted for three years

Followed
by the SVR

3.45%

variable thereafter

Overall cost
for comparison

3.20%

APRC

Maximum
loan to value

90%

(minimum 10% deposit)

All rates accurate as of 4th July 2019

Starting rate 2.25% variable (1.20% discount off Stafford Railway’s Standard Variable Rate (SVR) currently 3.45% for 3 years giving a current variable rate of 2.25%, followed by the Society’s SVR applicable for the rest of the term)
The overall cost for comparison 3.30% APRC
Discount Period 3 years from completion
Minimum Interest Rate The interest rate on this product will not drop below 1%
Maximum LTV 90%
Available for Purchases or moving home only
Early Repayment Charges Apply if more than 10% of the outstanding balance is repaid each year:
Year 1: 3% of repaid amount
Year 2: 2% of repaid amount
Year 2: 1% of repaid amount
Completion Fee None
Product Fee None
Arrangement Fee £499
Basic Valuation Fee  Fee applicable (See valuation fees)
Minimum Loan £90,000
Maximum Loan (MIG paid by Society) 75%-80% – £350,000
80%-85% – £300,000
85%-90% – £250,000
Interest Type
Minimum Property Value £100,000
Minimum Term 5 years
Maximum Term 30 years
Repayment Type Repayment Only
Minimum Age 18
Maximum Age At Term End 85 (Mortgage must be finished by the oldest applicants 85th birthday)
Geographical Restrictions We will lend throughout England and Wales only
Incentives None
Representative example
(Correct as of 04/07/2019)
A mortgage of £87,400 payable over 17 years initially on a discounted variable rate of 1.20% for 3 years and then on our Standard Variable Rate (SVR) currently 3.45% (variable) for the remaining 14 years would require 36 monthly payments of £574.86 followed by 168 monthly payments of £574.86. The total amount payable would be £116,598.36 made up of the loan amount plus interest (£26,598.36), a valuation fee of £225, a funds transfer fee of £25, estimated solicitors fees of £145 and an arrangement fee of £499. The overall cost for comparison is 3.20% APRC representative.
Notes
  • This mortgage summary should be read in conjunction with the Terms and Conditions.
  • This information does not contain all of the details you need to choose a mortgage. You will need to obtain an ESIS before you make a decision. Please contact the Society to discuss your requirements.

All rates accurate as of 4th July 2019

YOUR MORTGAGE IS SECURED ON YOUR HOME, WHICH MAY BE REPOSSESSED IF YOU DO NOT KEEP UP THE MORTGAGE REPAYMENTS. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME

We only offer our own products. All our residential mortgages are regulated and therefore subject to the FCA regulations' requirements.

Call us on: 01785 223212*