This mortgage allows you to purchase a property, remortgage from another lender, capital raise and switch product from another SBS mortgage. It offers lower monthly repayments during the term of the mortgage compared to our Standard Variable Rate. The maximum Loan to Value (LTV) is the amount of a mortgage expressed as a percentage of the purchase price or valuation, whichever is the lower.
The property must have a EPC rating of A or B to qualify for this product.
Period of loan | Rate Payable | Additional Information |
---|---|---|
Month 1 onwards | 5.70% variable rate | £250 application fee |
The overall cost for Comparison is | 5.80% APRC | 1% arrangement fee (less the application fee) |
Application Fee | £250 (payable on application and non-refundable) |
Arrangement Fee | 1% of loan (less the application fee) - can be added to loan |
Valuation Fee | £499 for properties up to £500,000 in Wales (subject to confirmation from the valuer) and by request for all properties in England / properties over £500,000 in Wales. |
Maximum Loan to Value (%) | 80% |
Loan size | £50,000 to £1m |
Repayment Type | Capital and Interest only / Interest only. For those loans on an interest only basis, all borrowers will be required to provide evidence of how they intend to repay their interest only loan. |
Early Repayment Charge | During the first three years, an early repayment charge of 1% of the loan amount is payable. After this period, no early repayment charges apply. |
Overpayments |
Regular overpayments are permitted. Regular overpayments are amounts collected with, in addition to, your monthly mortgage payments. You may make capital repayments without an early repayment charge being levied as long as the mortgage is not redeemed in full (a minimum balance of £500 must be kept on the account) within the 3 year early repayment period. Following receipt of a lump sum payment, the amount that you owe, and so the amount of interest you pay is reduced immediately. |
Based on a loan of £190,000 for 25 years, on a discounted variable rate of 5.70% for the term of the mortgage the total amount payable would be £359,444.81 made up of the loan amount plus interest repayable by 1 monthly instalment of £1,219.38 followed by 299 monthly instalments of £1,189.57.
Charges included in the total cost of the loan are:
The overall cost for Comparison is 5.80% APRC representative
Carmarthen Branch
13-14 Lammas Street,
Carmarthen SA31 3AQ
Tel: 01267 611950
Fax: 01267 611951
Cowbridge Branch
75 High Street,
Cowbridge CF71 7AF
Tel: 01446 506000
Fax: 01446 506001
Mumbles Branch
496 Mumbles Road,
Swansea SA3 4BX
Tel: 01792 739200
Fax: 01792 739201
Swansea Branch
1-4 Portland Street,
Swansea SA1 3DH
Tel: 01792 739100
Fax: 01792 739101
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