75% LTV - Discounted Variable - Complex Mixed Use
| 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 - Complex Mixed Use | 2.70% (Variable) | 2 years | 2.95% (Variable) | 75% | 2.90% APRC | £100 | 0.50% (Min. £500) | Yes |
Product Details
| Starting Rate | 2.70% variable (0.25% discount off Stafford Railway’s Standard Variable Rate (SVR) currently 2.95% for 2 years giving a current variable rate of 2.70%, followed by the Society’s SVR applicable at the time for the rest of the term) |
| The overall cost for the comparison | 2.90% APRC |
| Discount Period | 2 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 |
| Application Fee | £100 |
| Arrangement Fee | 0.50% (Min. £500) |
| 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 | A mortgage of £225,000 payable over 22 years initially on a discounted variable rate of 2.70% for 2 years and then on our Standard Variable Rate (SVR) currently 2.95% (variable) for the remaining 20 years would require 24 monthly payments of £1,131.24 followed by 240 monthly payments of £1,157.23. The total amount payable would be £306,763.96 made up of the loan amount plus interest (£81,763.96), a valuation fee of £485 a booking fee of £100, a funds transfer fee of £25, estimated solicitors fees of £145 and an arrangement fee of £1,125. The overall cost for comparison is 3.00% APRC representative. |
Notes
This mortgage summary should be read in conjunction with the Terms and Condition
Complex Mixed use is classed as;
1. Property Renovations
2. Main home with more than 3 outbuildings
3. Main home with up to 3 outbuildings (one or all rented out)
All rates correct as of 22/02/2021