90% LTV (Postcode Restricted) - Discounted Variable Mortgage
|90% LTV (Postcode Restricted) - Discounted Variable Mortgage||2.65% (Variable)||2 Years||2.95% (Variable)||90%||3.00% APRC||£100||None||Yes|
|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 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.
|Basic Valuation Fee||Fee applicable (See valuation fees)|
|Minimum Property Value||£100,000|
|Minimum Term||5 years|
|Maximum Term||40 years|
|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)|
|Representative example (correct as of 04/07/2019)||A mortgage of £190,000 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 £1020.76 followed by 216 monthly payments of £1046.40. The total amount payable would be £251,145.64 made up of the loan amount plus interest (£61,145.64), a valuation fee of £355, a funds transfer fee of £25, estimated solicitors fees of £145 and an application fee of £100. The overall cost for comparison is 3.0% APRC representative.|
- 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 14/12/2020