85% LTV - Discounted Variable Mortgage - 2 Years
| Mortgage Type |
Initial Rate |
Term | Standard Variable Rate |
Maximum Loan to Value |
Overall Cost for Comparison (APRC) |
Application Fee |
Arrangement Fee |
Early Repayment Charge |
|---|---|---|---|---|---|---|---|---|
| 85% LTV - Discounted Variable Mortgage - 2 Years | 2.50% (Variable) | 2 Years | 2.95% (Variable) | 85% | 2.90% APRC | £100 | None | Yes |
Product Details
| Starting Rate | 0.45% discount off Stafford Railway’s Standard Variable Rate (SVR) currently 2.95% for 2 years giving a current variable rate of 2.50%, followed by the Society’s SVR applicable 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% |
| Maximum LTV | 85% |
| Available for |
Movers
Purchase
|
| Minimum Loan | £50,000 |
| Maximum Loan | 75% to 80% LTV - £400,000 / 80% to 85% LTV - £350,000 |
| 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. |
| Application Fee | £100 |
| Arrangement Fee | None |
| Basic Valuation Fee | Fee applicable (See valuation fees) |
| Minimum Property Value | £100,000 |
| 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 | England and Wales |
| Incentives | None |
| Representative example | A mortgage of £190,000 payable over 20 years initially on a discounted variable rate of 2.50% 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 £1006.82 followed by 216 monthly payments of £1045.09. The total amount payable would be £250,528.12 made up of the loan amount plus interest (£60,528.12), 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 2.90% APRC representative. |
Notes
- 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 22/03/2021