75% LTV - 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 |
|---|---|---|---|---|---|---|---|---|
| 75% LTV - Discounted Variable Mortgage | 2.75% (Variable) | 3 years | 3.45% (Variable) | 75% | 3.40% APRC | £99 | 0.5% | Yes |
Product Details
| Starting Rate | 2.75% variable (0.70% discount off Stafford Railway’s Standard Variable Rate (SVR) currently 3.45% for 3 years giving a current variable rate of 2.75%, followed by the Society’s SVR applicable at the time for the rest of the term) |
| The overall cost for the comparison | 3.40% APRC |
| Discount Period | 3 years from completion |
| Minimum Interest Rate | The interest rate on this product will not drop below 1.00% |
| Maximum LTV | 75% |
| Available for |
Capital Raising
Movers
Purchase
Remortgage
|
| Minimum Loan | £100,000 |
| Maximum Loan | £500,000 |
| Early Repayment Charges | Apply if more than 10% of the outstanding balances is repaid each year: Year 1: 3% of repaid amount Year 2: 3% of repaid amount Year 3: 3% of repaid amount |
| Application Fee | £99 |
| Arrangement Fee | 0.5% |
| Basic Valuation Fee | Fee applicable (See valuation fee) |
| Minimum Property Value | £250,000 |
| 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 | We will lend throughout England and Wales |
| Incentives | None |
| Representative example (correct as of 04/07/2019) | A mortgage of £100,000 payable over 17 years initially on a discounted variable rate of 2.75% 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 £614.23 followed by 180 monthly payments of £642.91. The total amount payable would be £131,115.16 made up of the loan amount plus interest (£31,115.16), a valuation fee of £225, a booking fee of £99, a funds transfer fee of £25, estimated solicitors fees of £145 and an arrangement fee of £500. The overall cost for comparison is 3.4% APRC representative. |
Notes
- This mortgage summary should be read in conjunction with the Terms and Conditions
- Property Type:
- The main property on the title must be used for the applicant(s) residential use minimum 40%.
Additional outbuildings/annex may be rented on a holiday let basis subject to geographical location or rented out on an AST (maximum 12 months). - All consents, permissions, and covenants must be in place and confirmed by the solicitor/conveyancer at completion (condition on the COT)
- Properties with a home office/work unit would be considered and a livery or equine barn would also be considered acceptable. (subject to location)
- The Society will not consider mixed use properties on an industrial basis, e.g. depots, garages, storage of goods such as scaffolding etc. In addition the Society must be able to gain vacant possession if required.
- The Society must have first charge over all land and property on the title.
- The main property on the title must be used for the applicant(s) residential use minimum 40%.
All rates correct as of 17 September 2019