2 Year Discounted Variable Rate House Purchase Only – DID167

A mortgage of £346,750.00 payable over 25 years initially on a variable rate, currently 6.40% for 2 years then on our follow-on rate of a 1.74% discount off our standard variable rate (currently 8.64%) giving a rate of 6.90% variable for the remaining 23 years would require 23 monthly payments of £2,322.81 and 276 monthly payments of £2,425.86; plus one initial interest payment of £1,819.02.

The total amount payable would be £725,385.01 made up of the loan amount, plus interest and fee(s) totalling £378,635.01. This includes Application Fee (£199), Legal Fees (£255), Chaps Fee (£25) and Redemption Administration Fee (£125).

The overall cost for comparison is 7.0% APRC representative.

A representative example is designed to help understanding of the typical cost of this mortgage. This is not an illustration and is only provided as an example.

• The  Initial Rate is discounted by 2.24% below our Standard Variable Rate (SVR) for the first two years, giving a current rate payable of 6.40% variable.
• At the end of the two years our follow-on rate of 1.74% below our SVR will apply for the remainder of the mortgage term, currently 6.90% variable.
• A minimum interest rate of 3% will apply during the full term of the mortgage
• Exclusively available for house purchase only on properties located in England, Wales & Scotland (postcode restrictions apply in Scotland, see our Important Information for Residential Mortgages for further details)
• Available under First Home Scheme.
• Minimum loan size £100,000
• Maximum loan size £350,000
• Basic property valuation included
• Legal fees payable by customer
• An Early Repayment Charge of 2% will apply if the mortgage is redeemed at any time during the first year, followed by 1% in the second year. The Early Repayment Charge is a percentage of the balance at the point of redemption. Early Repayment Charges do not apply on our Standard Variable Rate (SVR) or our follow-on rate

1 The Initial Rate is the rate available during the initial term of the mortgage. Once the initial rate term has expired, the mortgage will either revert to our Standard Variable Rate (SVR), or a follow-on rate that is a discount off our SVR.

Our SVR is set by us and is currently 8.64%, as a variable rate it may go up or down. Our follow-on rate is 1.74% below our SVR (currently 6.90% variable) and will go up or down with changes to our SVR.

2. The Overall Cost for Comparison is given as the Annual Percentage Rate of Charge (APRC) and includes all charges incurred relating to the mortgage. The APRC is intended to help you as a borrower compare the interest rates on different products.

3. Like all other mortgage lenders, we will allow you to borrow against a proportion of the overall property value. This is known as Loan to Value (LTV) and is expressed as a percentage. For example, if you want to purchase a property at £100,000 and you would like to borrow £85,000, then you will need a mortgage available at 85% Loan to Value (LTV). The available LTV can vary depending upon the type of mortgage.

Shared Ownership mortgages will offer two percentages under LTV – the proportion of the property value and the proportion of the share being purchased.