Mortgage product
information.
Holiday Let 5 Year Fixed Rate – for purchase or remortgage up to 80% LTV
| Mortgage details | |
|---|---|
Initial rate | 5.95% |
Rate Type | Fixed |
Rate Term | 5 year |
APRC | 7.0% |
Standard rate | FIXED RATE of 5.95% until 5 years following completion date, then changing to Suffolk Standard Variable Rate (currently 7.49%) for the remainder of the term |
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 5% applies until 5 years from completion. This product offers fee-assisted legals on remortgages. However, this is only available for like-for-like remortgages. You may have to pay additional charges for non-standard applications. In some cases, the fee-assisted package may not be available. Some examples of when fee-assisted legals are not available include applications which are ‘Joint Borrower Sole Proprietor’, which involve a ‘Power of Attorney’, or a ‘second charge’. Contact us for more information. |
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 25 years initially on a fixed rate until 5 years from completion date at 5.95%, then on our Standard Variable Rate currently at 7.49% for the remainder of the mortgage term. This would require 60 monthly payments of £4,495.37, followed by 240 monthly payments of £5,071.39. The total amount payable would be £1,487,726.93 made up of the loan amount plus interest (£785,823.93), 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 7.0% APRC representative.