Further Advance Residential 2 Year Discounted Variable Rate – DDF014

A mortgage of £25,300 payable over 27 years initially on a discounted variable rate of 5.30% for 2 years and then on our current standard variable rate of 8.64% for the remaining 25 years would require 24 monthly payments of £146.99 and 300 monthly payments of £198.85.

The total amount payable would be £63,447.76 made up of the loan amount, plus interest and fees totalling £38,147.76. This includes Valuation Fee (£90), Completion Fee (£150) and Chaps Fee (£25).

The overall cost for comparison is 8.4% 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 3.34% below our Standard Variable Rate (SVR) for the first two years, giving a current rate payable of 5.30% variable. At the end of the two years the Society’s standard variable rate (SVR) will apply
• Maximum loan size £300,000
• A repayment of capital up to a maximum of 10% of the outstanding capital balance will be allowed each calendar year during the product term without incurring an Early Repayment Charge. For more information, see ‘Will I be charged if I repay my mortgage?’ below
• 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.
• Valuation fee payable by customer
• A minimum interest rate of 3% will apply during the term of the discounted period.
• Interest is calculated daily and and will be charged up to and including the date of redemption

This product is subject to change or withdrawal without notice

This product can only be accessed via a qualified mortgage adviser, acting on behalf of an existing Mansfield Building Society borrower. If you are an existing borrower and do not have a preferred mortgage broker to act on your behalf, we can pass your details to our trusted, partner Mortgage 1st.

Email us at brokers@mansfieldbs.co.uk or call us on 01623 676360 if you would like to do this. Like most mortgage brokers, fees for advice may apply and these will be discussed with you in advance before you make a commitment to proceed.

A discounted variable rate mortgage is discounted from our Standard Variable Rate (SVR), and as a result, the initial rate will go up or down when we change our SVR and by the same amount. We choose when to change our SVR depending on a variety of factors and our SVR is not directly linked to the Bank of England Base Rate (BBR). If the interest rate goes up, we will write to you in advance to inform you of the intended changes.

When you come to the end of the initial rate term, we will write to you again 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 SVR.

Borrowers can make overpayments between 1 January and 31 December each year during the discounted rate period of up to 10% of the balance as at 1 January of the year in which the overpayment is made 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 balance on 1 January in the calendar year in which the overpayment is made, will incur an Early Repayment Charge on the amount of the excess. The Early Repayment Charge is a percentage fee of your 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.

The valuation fee is payable by the customer. 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.