Mortgage product
information.
Holiday Let 2 Year Discount Rate – for purchase or remortgage up to 80% LTV
| Mortgage details | |
|---|---|
Initial rate | 5.30% (SVR minus 2.84%) |
Rate Type | Variable |
Rate Term | 2 year |
APRC | 7.7% |
Standard rate | STANDARD VARIABLE RATE of 8.14% with a discount of 2.84% until 2 years from completion date, then changing to Suffolk Standard Variable Rate (currently 8.14%) |
Fees | Application Fee: Completion Fee: Valuation Fee: Remortgage – FREE CHAPS (Fee for transfer of funds to solicitor): |
Maximum loan | £1m |
Maximum LTV | 80% |
Additional information | Fee free over-payments up to 50% of original loan. Early repayment charge of 1% applies until 2 years from completion [Remortgage only: fee assisted legals] |
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Representative example
A mortgage of £700,000.00 payable over 20 years on our Standard Variable Rate currently at 8.14% with a discount of 2.84%, giving a current rate payable of 5.30% for 24 months, then on our Standard Variable Rate currently at 8.14% for the remainder of the mortgage term. This would require 24 monthly payments of £4,743.48, followed by 216 payments of £5,825.70. The total amount payable would be £1,373,063.62 made up of the loan amount plus interest (£671,160.62), an application fee of £199, a completion fee of £999, a valuation fee of £575, a mortgage funds release fee of £35 and a mortgage exit fee of £95. The overall cost for comparison is 7.7 % APRC representative.