80% LTV - Discounted Variable
| 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 | 2.39% | 2 years | 3.35% | 80% | 3.3% APRC | None | 0.50% (Min. £500) | Yes |
Product Details
| Starting Rate | 0.96% discount off Stafford Railway’s Standard Variable Rate (SVR) for two years giving a current variable rate of 2.39%, followed by our SVR for the rest of the term (currently 3.35% variable). |
| The overall cost for the comparison | 3.3% APRC |
| Discount Period | 2 years from completion |
| Minimum Interest Rate | The interest rate on this product will not drop below 1% |
| 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 | None |
| Arrangement Fee | 0.50% (Min. £500) |
| 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 | A mortgage of £170,000 payable over 25 years initially on a discounted variable rate of 2.39% for 2 years and then on our Standard Variable Rate (SVR) currently 3.35% (variable) for the remaining 23 years would require 24 monthly payments of £753.27 followed by 276 monthly payments of £831.26 The total amount payable would be £248,786.24 made up of the loan amount plus interest (£78,786.24), a valuation fee of £305, a funds transfer fee of £30, estimated solicitors fees of £145 and an arrangement fee of £850. The overall cost for comparison is 3.3% 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.
All rates accurate as of 07/03/2022