80% LTV - Discounted Variable - Track 1
|80% LTV - Discounted Variable - Track 1||5.74%||2 years||6.20%||80%||6.3% APRC||£100||None||Yes|
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 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.
|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||95 (Mortgage must be finished by the oldest applicants 95th birthday)|
|Geographical Restrictions||We will lend throughout England and Wales|
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.
- 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