Standard Variable Rate Mortgage 80 (SVR80)

This mortgage allows you to purchase a residential property, remortgage from another lender, capital raise or switch product from another SBS mortgage.  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. 

Interest Rates

Period of loan Rate Payable Additional Information
Month 1 onwards 7.60% variable rate £250 application fee
The overall cost for Comparison is 7.80%  1% arrangement fee (less the application fee)


Key Features

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.

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.


Further Information

  • For house purchase, the maximum Loan to Value is the amount of a mortgage loan expressed as a percentage of the purchase price or valuation whichever is the lower.  
  • Minimum income = £27,500
  • This mortgage is not portable and accordingly, if you move house, you will not be able to transfer these product terms.   
  • For loans above £1m, please contact us to discuss.  
  • Mortgage interest is calculated on a daily basis.
  • Our Mortgage Services Tariff gives details of the charges payable in connection with mortgage applications and additional administration following completion of your loan.  
  • Loans are available to persons aged 18 or over and are subject to status and valuation of a suitable property, over which security will be required.  All lending will be subject to the financial standing of the applicant(s).
  • Maximum loan to value (LTV) on interest-only loans is 75%. A mix of interest-only and repayment is allowed up to the LTV product limit but the interest-only element must not exceed 75% LTV where the sale of the property is the repayment vehicle or 75% LTV where the Society does not have control over the repayment vehicle. Maximum of £500,000 on interest only where the mortgaged property is the repayment vehicle and our only security. If a higher amount is required, please contact us to discuss.

Representative example: 

Based on a loan of £180,000 for 25 years, on the standard variable rate of 7.60% for the term of the mortgage the total amount payable would be £405,054.72 made up of the loan amount plus interest repayable by 1 monthly instalment of £1,379.63 followed by 299 monthly instalments of £1,341.91. 

Charges included in the total cost of the loan are:

  • application fee  - £250
  • arrangement fee 1% of the loan (less the application fee) - £1,550
  • valuation fee - £499
  • CHAPS payment fee - £20
  • Property release fee - £125

The overall cost for Comparison is 7.80% APRC representative

Your home may be repossessed if you do not keep up repayments on your mortgage. Think carefully before securing other debts against your home.