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.
*Full list of professions who qualify for this product available here.
|Period of loan
|Month 1 onwards
|5.80% variable rate
|£250 application fee
|The overall cost for Comparison is
|Product fee - £1,249
|£250 (payable on application and non-refundable)
|£525 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. (Some properties depending on type may require a specialist valuation regardless of their valuation and a fee quotation will be required).
|Maximum Loan to Value (%)
|£50,000 to £1.5m
|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
The Early Repayment Charge (ERC) of 2% will apply where the loan balance falls below £25k within the first 3 years.
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 balance does not drop below £25k 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 £230,000 for 25 years, on a discounted variable rate of 5.80% for the term of the mortgage the total amount payable would be £438,375.73 made up of the loan amount plus interest repayable by 1 monthly installment of £1,490.63 followed by 299 monthly installments of £1,453.90.
Charges included in the total cost of the loan are:
The overall cost for Comparison is 5.90% APRC representative