Home Mover Low Deposit Mortgage


Key features

Product details

  • Available for house purchases and movers
  • Discount of 0.60% off the Stafford Railway’s Standard Variable Rate (SVR) for three years giving a current rate of 2.85%, followed by our SVR for the rest of the term (currently 3.45%)
  • The overall cost for comparison is 3.4% APRC
  • No product fee or booking fees apply
  • Valuation fees apply
  • 10% of the outstanding balance each year can be overpaid without penalty
  • Interest Calculated daily
  • Representative Example (Effective from 8 October 2018)
    A mortgage of £117,000 payable over 19 years initially on a discounted variable rate of 2.85% for 3 years and then on our Standard Variable Rate (SVR) currently 3.45% (variable) for the remaining 16 years would require 36 monthly payments of £665.17 followed by 192 monthly payments of £695.18. The total amount payable would be £157,785.68 made up of the loan amount plus interest (£40,419.77), a valuation fee of £195, an estimated solicitor’s fee of £145 and a funds transfer fee of £25. The overall cost for comparison is 3.4% APRC representative.

2.85%

discounted for three years

Followed
by the SVR

3.45%

variable thereafter

Overall cost
for comparison

3.4%

APRC

Maximum
loan to value

90%

(minimum 10% deposit)

 

All rates accurate as of 1st October 2018. Product samples size as of February 2018.

Starting rate 2.85% variable (0.60% discount off Stafford Railway’s Standard Variable Rate (SVR) currently 3.2% for 3 years giving a current variable rate of 2.6%, followed by the Society’s SVR applicable at the time for the rest of the term)
The overall cost for comparison 3.4% APRC
Discount Period 3 years from completion
Minimum Interest Rate The interest rate on this product will not drop below 1%
Maximum LTV 90%
Available for Purchases and home movers
Early Repayment Charges Apply if more than 10% of the outstanding balance is repaid each year:
Year 1: 3% of repaid amount
Year 2: 3% of repaid amount
Year 3: 3% of repaid amount
Completion Fee None
Booking Fee None
Basic valuation fee Fee applicable (See valuation fees)
Minimum Loan £25,000
Maximum Loan 75% – 80% LTV – £350,000
80% – 85% LTV – £300,000
85% – 90% LTV – £250,000
Interest Type Daily
Minimum Property Value £75,000
Minimum Term 5 years
Maximum Term 30 years
Repayment Type 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 08/10/2018)
A mortgage of £117,000 payable over 19 years initially on a discounted variable rate of 2.85% for 3 years and then on our Standard Variable Rate (SVR) currently 3.45% (variable) for the remaining 16 years would require 36 monthly payments of £665.17 followed by 192 monthly payments of £695.18. The total amount payable would be £157,785.68 made up of the loan amount plus interest (£40,419.77), a valuation fee of £195, an estimated solicitor’s fee of £145 and a funds transfer fee of £25. The overall cost for comparison is 3.4% 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.
  • Not available for over 55’s, restricted properties.

All rates accurate as of 1st October 2018. Product samples size as of February 2018.

YOUR MORTGAGE IS SECURED ON YOUR HOME, WHICH MAY BE REPOSSESSED IF YOU DO NOT KEEP UP THE MORTGAGE REPAYMENTS. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME

We only offer our own products. All our residential mortgages are regulated and therefore subject to the FCA regulations' requirements.

Call us on: 01785 223212*