80% LTV - Discounted Variable
|80% LTV - Discounted Variable||2.64%||2 years||3.60%||80%||3.6% APRC||None||0.50% (Min. £500)||Yes|
0.96% discount off Stafford Railway’s Standard Variable Rate (SVR) for two years giving a current variable rate of 2.64%, followed by our SVR for the rest of the term (currently 3.60% variable).
|The overall cost for the comparison||3.6% APRC|
|Discount Period||2 years from completion|
|Minimum Interest Rate||The interest rate on this product will not drop below 1%|
|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.
|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|
|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|
A mortgage of £170,000 payable over 25 years initially on a discounted variable rate of 2.64% for 2 years and then on our Standard Variable Rate (SVR) currently 3.60% (variable) for the remaining 23 years would require 24 monthly payments of £774.69 followed by 276 monthly payments of £854.01 The total amount payable would be £255,579.32 made up of the loan amount plus interest (£85,579.32), 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 3.6% 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 28/06/2022