90% LTV (Postcode Restricted) - Discounted Variable Mortgage
| Mortgage Type |
Initial Rate |
Term | Standard Variable Rate |
Maximum Loan to Value |
Overall Cost for Comparison (APRC) |
Application Fee |
Arrangement Fee |
Early Repayment Charge |
|---|---|---|---|---|---|---|---|---|
| 90% LTV (Postcode Restricted) - Discounted Variable Mortgage | 2.65% (Variable) | 2 Years | 2.95% (Variable) | 90% | 3.00% APRC | £100 | None | Yes |
Product Details
| Starting Rate | 0.30% discount off Stafford Railway’s Standard Variable Rate (SVR) currently 2.95% for 2 years giving a current variable rate of 2.65%, followed by the Society’s SVR applicable for the rest of the term |
| The overall cost for the comparison | 3.00% APRC |
| Discount Period | 2 years from completion |
| Minimum Interest Rate | The interest rate on this product will not drop below 1% |
| Maximum LTV | 90% |
| Available for |
Movers
Purchase
|
| Minimum Loan | £50,000 |
| Maximum Loan | 75% to 80% LTV - £400,000 / 80% to 85% LTV - £350,000 / 85% to 90% LTV - £300,000 |
| Early Repayment Charges | Apply if more than 10% of the outstanding balance is repaid each year. 3% of repaid amount for the first 2 years. |
| Application Fee | £100 |
| Arrangement Fee | None |
| Basic Valuation Fee | Fee applicable (See valuation fees) |
| Minimum Property Value | £100,000 |
| Minimum Term | 5 years |
| Maximum Term | 40 years |
| Repayment Type |
Repayment
|
| Minimum Age | 18 |
| Maximum Age at Term End | 85 (Mortgage must be finished by the oldest applicants 85th birthday) |
| Geographical Restrictions | The property must be within one of the following postcodes (ST14, ST15, ST16, ST17, ST18, ST19, ST20, ST21 and WS7, WS11, WS12, WS13, WS15) |
| Incentives | None |
| Representative example (correct as of 04/07/2019) | A mortgage of £163,800 payable over 20 years initially on a discounted variable rate of 2.65% for 2 years and then on our Standard Variable Rate (SVR) currently 2.95% (variable) for the remaining 18 years would require 24 monthly payments of £880.00 followed by 216 monthly payments of £902.11. The total amount payable would be £216,410.76 made up of the loan amount plus interest (£52,610.76), a valuation fee of £325, a funds transfer fee of £25, estimated solicitors fees of £145 and an arrangement fee of £499. The overall cost for comparison is 3.0% 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 15th September 2020