Additional Borrowing (Residential) 2 Year Fixed Rate – up to 90% LTV
FIXED RATE of 5.99% 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%) for the remainder of the term
CHAPS (Fee for transfer of funds to solicitor):
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Fee free over-payments up to 50% of original loan. Early repayment charge of 3% applies until 2 years from completion
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
A mortgage of £12,000.00 payable over 5 years initially on a fixed rate for 24 months at 5.99%, then on our Standard Variable Rate currently at 8.69% with a discount of 1.74%, giving a pay rate 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 £235.03, followed by 36 monthly payments of £238.40. The total amount payable would be £14,517.12 made up of the loan amount plus interest (£2,063.12), 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 8.2% APRC representative.