75% LTV - Bespoke - Discounted Variable Mortgage
|75% LTV - Bespoke - Discounted Variable Mortgage||2.49% (Variable)||2 years||2.95% (Variable)||75%||3.00% APRC||None||0.50% (Min. £500)||Yes|
0.46% discount off Stafford Railway’s Standard Variable Rate (SVR) for two years giving a current variable rate of 2.49%, followed by our SVR for the rest of the term (currently 2.95% variable).
|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||£500,000 (For loans above please refer to The Society)|
|Early Repayment Charges||3% of repaid amount for the first two years.|
|Arrangement Fee||0.50% (Min. £500)|
|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||We will lend throughout England and Wales|
A mortgage of £190,000 payable over 20 years initially on a discounted variable rate of 2.49% 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 £1,005.89 followed by 216 monthly payments of £1,045.00 The total amount payable would be £251,336.36 made up of the loan amount plus interest (£61,336.36), a valuation fee of £355, a funds transfer fee of £25, estimated solicitors fees of £145 and an arrangement fee of £950. 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 22/02/2021