85% LTV - Discounted Variable Mortgage - 3 Years
|85% LTV - Discounted Variable Mortgage - 3 Years||2.40% (Variable)||3 Years||2.95% (Variable)||85%||2.90% APRC||£100||None||Yes|
|Starting Rate||0.55% discount off Stafford Railway’s Standard Variable Rate (SVR) currently 2.95% for 3 years giving a current variable rate of 2.40%, followed by the Society’s SVR applicable for the rest of the term|
|The overall cost for the comparison||2.90% APRC|
|Discount Period||3 years from completion|
|Minimum Interest Rate||The interest rate on this product will not drop below 1%|
|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 3 years.
|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||England and Wales|
|Representative example||A mortgage of £190,000 payable over 20 years initially on a discounted variable rate of 2.40% for 3 years and then on our Standard Variable Rate (SVR) currently 2.95% (variable) for the remaining 17 years would require 36 monthly payments of £997.59 followed by 204 monthly payments of £1041.79. The total amount payable would be £249,063.40 made up of the loan amount plus interest (£59,063.40), 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.|
- 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