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Credit Repair – Fixed until 31 March 2030 – RCX005
A mortgage available for purchase or remortgage for borrowers who have a stable income and affordability with complex credit characteristics, identified in our Versatility Credit Repair criteria. This product is not designed for customers in persistent arrears.
| Key Details | |
| Term | Fixed until 31 March 2030 |
| Initial Rate1 | 6.39% |
| Overall Cost For Comparison2 | 7.7% APRC |
| MAX LTV3 | 70% |
| Early Repayment Charge | 3% until 31 March 2028, 2% until 31 March 2029, 1% until 31 March 2030 |
| Product Fees | £199 Application Fee |
Product Fees
- The £199 Application Fee is non-refundable and payable at the point of application
Mortgage Intermediaries
01623 676360
Representative Example
A mortgage of £110,000.00 payable over 20 years initially on a fixed rate of 6.39% until 31 March 2030 and then on our current standard variable rate of 8.64% for the remaining 14 years 8 months would require 63 monthly payments of £814.71 and 176 monthly payments of £932.62; plus one initial interest payment of £595.35.
The total amount payable would be £216,667.20 made up of the loan amount, plus interest and fee(s) totalling £106,667.20. This includes Application Fee (£199), Legal Fees (£255), Chaps Fee (£25), and Redemption Administration Fee (£125).
The overall cost for comparison is 7.7% 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.
Mortgage Product Features
- The Initial Rate is fixed until 31 March 2030 at 6.39%. At the end of the fixed term our Standard Variable Rate (SVR) will apply for the remainder of the mortgage term, currently 8.64% variable.
- Minimum loan size £50,000, maximum loan size £500,000 house purchase.
- Available on properties located in England, Wales & Scotland (postcode restrictions apply in Scotland, see our Important Information for Residential Mortgages for further details)
- Basic property valuation included
- Legal fees payable by customer for house purchase
- Basic legal fees via our nominated solicitor are covered for remortgages in England and Wales only. For remortgages in Scotland, or in England and Wales where a borrower does not choose basic legal fees or is not eligible, we offer a £250 cashback towards legal fees. For more information on legal fees, please see the ‘Are legal fees included?’ section below
- An Early Repayment Charge of 3% will apply if the mortgage is redeemed at any time before 31 March 2028, followed by 2% until 31 March 2029, followed by 1% until 31 March 2030. The Early Repayment Charge is a percentage of the balance at the point of redemption.
Will the interest rate change?
The interest rate is fixed until 31 March 2030 and if our Standard Variable Rate (SVR) reduces during this time, you will not benefit from any reductions to your monthly mortgage payments.
When you come to the end of the fixed rate term, we will write to you to offer you another new deal and you can either choose to accept this deal, remortgage to another lender, or should you do nothing, revert onto our Standard Variable Rate (SVR), currently 8.64%. If you revert onto our SVR after the fixed rate term, the interest rate becomes variable and will go up or down when we make changes to our SVR.
Will there be charges if the mortgage is repaid early?
Borrowers can make overpayments between 1 January and 31 December each year during the fixed rate period of up to 10% of the original loan amount without incurring an Early Repayment Charge.
Any lump sum payments or regular overpayments received in a single calendar year, which in total exceed 10% of the original loan amount will incur an Early Repayment Charge on the amount of the excess. The Early Repayment Charge is a percentage fee of the current balance.
Any Early Repayment Charge will be waived if a new consecutive mortgage for at least the amount outstanding at the time of redemption is taken out with us. If a new mortgage for at least the amount outstanding at the time of redemption is taken out with us within 3 months of full repayment then any early repayment charge will be refunded.
Are legal fees included?
Where a product includes a “basic legal fees” package for remortgages (properties in England and Wales only), via our nominated solicitor, the Society will pay the legal fees to the nominated solicitor for a simplified “fast track” process. Under this process the solicitor will be acting on behalf of the Society and not on your behalf. Normal conveyancing checks will not be made as the applicants will already live in or own the property.
If there are any additional legal requirements or costs that are not covered by this “fast track” process then the “basic legal fees” package may not be available and applicants will have to pay additional legal costs, including those incurred on behalf of the Society, to the solicitor.
Examples of these include the requirement for face to face or independent legal advice as a mortgage or product condition, changing names on title deeds, correcting title defects, postponement of charges and additional searches. Please contact us if you require more information on the circumstances where legal fees will not be covered.
How much are valuation fees?
A basic valuation fee is included. If you require a more detailed Homebuyers Report, this will be at an additional charge. You can find out more including the fee scale in our Mortgage Valuation Fees document.
Important Information
Unless otherwise stated, our mortgage products are available for house purchase or remortgage. All our mortgage products are subject to availability and can be withdrawn at any time.
All mortgage applications are manually underwritten by our experienced underwriters and are subject to a full assessment against our lending criteria.
It is important that you take time to read and understand the mortgage product features detailed above and the information about our Residential or Buy to Let mortgages detailed in the General Information Guides.
How to Apply
Please contact our Intermediary Support team for further details. You can check affordability on our website and submit a DIP request or request an ESIS from our online portal. You can apply either online or through the post.
Definitions
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.
Your home may be repossessed if you do not keep up repayments on your mortgage
The Mansfield Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Reference number 206049. Member of the Building Societies Association.
Date printed: 03/12/2024 05:14:48 pm
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