80% LTV - Discounted Variable - Track 1
| Mortgage Type |
Initial Rate |
Term | Standard Variable Rate |
Maximum Loan to Value |
Overall Cost for Comparison (APRC) |
Application Fee |
Arrangement Fee |
Early Repayment Charge |
|---|---|---|---|---|---|---|---|---|
| 80% LTV - Discounted Variable - Track 1 | 5.74% | 2 years | 6.20% | 80% | 6.3% APRC | £100 | None | Yes |
Product Details
| Starting Rate | 0.46% discount off Stafford Railway’s Standard Variable Rate (SVR) for two years giving a current variable rate of 5.74%, followed by our SVR for the rest of the term (currently 6.20% variable). |
| The overall cost for the comparison | 6.3% APRC |
| Discount Period | 2 years from completion |
| Minimum Interest Rate | The interest rate on this product will not drop below 1.50% |
| Maximum LTV | 80% |
| 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 | Apply if more than 10% of the outstanding balance is repaid each year. 3% of repaid amount for the first two 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 |
Interest Only
Repayment
|
| Minimum Age | 18 |
| Maximum Age at Term End | 95 (Mortgage must be finished by the oldest applicants 95th birthday) |
| Geographical Restrictions | We will lend throughout England and Wales |
| Incentives | None |
| Representative example | A mortgage of £220,000 payable over 20 years initially on a discounted variable rate of 5.74% for 2 years and then on our Standard Variable Rate (SVR) currently 6.20% (variable) for the remaining 18 years would require 24 monthly payments of £1,543.33 followed by 216 monthly payments of £1,596.96. The total amount payable would be £382,683.28 made up of the loan amount plus interest (£162,683.28) a valuation fee of £425, a funds transfer fee of £30, estimated solicitor’s fees of £145, application fee of £100. The overall cost for comparison is 6.3% 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.
Rates effective from 30/10/2023