80% LTV - Discounted Variable Mortgage
|80% LTV - Discounted Variable Mortgage||2.20% (Variable)||2 years||2.95% (Variable)||80%||2.90% APRC||£100||£499||Yes|
0.75% discount off Stafford Railway’s Standard Variable Rate (SVR) for two years giving a current variable rate of 2.20%, followed by our SVR for the rest of the term (currently 2.95% variable).
|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%|
|Early Repayment Charges||3% of repaid amount for the first two years.|
|Basic Valuation Fee||Fee applicable (see valuation fees)|
|Minimum Property Value||£100,000|
|Minimum Term||5 years|
|Maximum Term||40 years|
Interest Only (Max. 50% LTV)
|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|
|Representative example||A mortgage of £190,000 payable over 20 years initially on a discounted variable rate of 2.20% 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 £979.28 followed by 216 monthly payments of £1,042.42 The total amount payable would be £249,989.44 made up of the loan amount plus interest (£59,989.44), a valuation fee of £355, a funds transfer fee of £25, estimated solicitors fees of £145, an application fee of £100 and an arrangement fee of £499. The overall cost for comparison is 2.90% 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