Mortgage product
information.
Additional Borrowing (Residential) 2 Year Discount Rate – up to 90% LTV
| Mortgage details | |
|---|---|
Initial rate | 5.90% (SVR minus 2.79%) |
Rate Type | Variable |
Rate Term | 2 year |
APRC | 8.1% |
Standard rate | STANDARD VARIABLE RATE of 8.69% with a discount of 2.79% 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: Completion Fee: Valuation Fee: CHAPS (Fee for transfer of funds to solicitor): 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 £12,000.00 payable over 5 years on our Standard Variable Rate currently at 8.69% with a discount of 2.79%, giving a current rate payable of 5.90% 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 £234.52, followed by 36 payments of £238.20. The total amount payable would be £14,497.68 made up of the loan amount plus interest (£2,043.68), 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 8.1% APRC representative.