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Mortgage product
information.

Additional Borrowing (Residential) 2 Year Discount Rate – up to 90% LTV

Mortgage details

Initial rate

5.59% (SVR minus 3.10%)

Rate Type

Variable

Rate Term

2 year

APRC

7.6%

Standard rate

STANDARD VARIABLE RATE of 8.69% with a discount of 3.10% until 2 years following completion date, then reverting to 6.95% (SVR minus 1.74%) for 36 months, then changing to Suffolk Standard Variable Rate (currently 8.69%)

Fees

Application Fee:
£199

Completion Fee:
£125

Valuation Fee:
N/A

CHAPS (Fee for transfer of funds to solicitor):
£35

You can see how our fees are calculated by clicking here

Maximum loan

£500,000

Maximum LTV

90%

Additional information

Fee free over-payments up to 50% of original loan. Early repayment charge of 1% applies until 2 years from completion

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Representative example

A mortgage of £30,000.00 payable over 13 years on our Standard Variable Rate currently at 8.69% with a discount of 3.10%, giving a current rate payable of 5.59% for 24 months, then on our Standard Variable Rate currently at 8.69% with a discount of 1.74%, giving a rate payable of 6.95% for 36 months (please note that the rate payable will never fall below 3%). This will be followed by our Standard Variable Rate currently at 8.69% for the remainder of the mortgage term. This would require 24 monthly payments of £272.45, followed by 36 payments of £291.15 followed by 96 monthly payments of £310.03. The total amount payable would be £47,077.08 made up of the loan amount plus interest (£16,623.08), an application fee of £199, a completion fee of £125, a mortgage funds release fee of £35 and a mortgage exit fee of £95. The overall cost for comparison is 7.6% APRC representative.

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