75% LTV - Discounted Variable Mortgage
| 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 Mortgage | 2.20% (Variable) | 2 years | 3.45% (Variable) | 75% | 3.30% APRC | None | £499 | Yes |
Product Details
| Starting Rate | 2.20% variable (1.25% discount off Stafford Railway’s Standard Variable Rate (SVR) currently 3.45% for 2 years giving a current variable rate of 2.20%, followed by the Society’s SVR applicable for the rest of the term) |
| The overall cost for the comparison | 3.30% APRC |
| Discount Period | 2 years from completion |
| Minimum Interest Rate | The interest rate on this product will not drop below 1% |
| Maximum LTV | 75% |
| Available for |
Capital Raising
Movers
Purchase
Remortgage
|
| Minimum Loan | £50,000 |
| Maximum Loan | £500,000 (For loans above please refer to The Society) |
| Early Repayment Charges | 3% of repaid amount for the first two years. |
| Application Fee | None |
| Arrangement Fee | £499 |
| Basic Valuation Fee | Fee applicable (see valuation fees) |
| Minimum Property Value | £100,000 |
| Minimum Term | 5 years |
| Maximum Term | 40 years |
| Repayment Type |
Interest Only
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 (correct as of 04/07/2019) | A mortgage of £168,800 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 3.45% (variable) for the remaining 18 years would require 24 monthly payments of £844.24 followed by 216 monthly payments of £936.11 The total amount payable would be £223,455.52 made up of the loan amount plus interest (£59,655.52), a valuation fee of £325, a funds transfer fee of £25, estimated solicitors fees of £145 and an arrangement fee of £499. The overall cost for comparison is 3.30% 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 16 September 2019