Mortgage product
information.
Residential 2 Year Discount Rate – for purchase or remortgage up to 95% LTV
| Mortgage details | |
|---|---|
Initial rate | 5.60% (SVR minus 2.84%) |
Rate Type | Variable |
Rate Term | 2 year |
APRC | 7.7% |
Standard rate | STANDARD VARIABLE RATE of 8.44% with a discount of 2.84% until 2 years from completion then reverting to 6.70% (Suffolk SVR minus 1.74%) for 36 months, then changing to Suffolk Standard Variable Rate (currently 8.44%) for the remainder of the term |
Fees | Application Fee: Completion Fee: Valuation Fee: CHAPS (Fee for transfer of funds to solicitor): For full details of our valuation fees, please contact us. |
Maximum loan | £500,000 |
Maximum LTV | 95% |
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 £430,400.00 payable over 24 years on our Standard Variable Rate currently at 8.44% with a discount of 2.84%, giving a current rate payable of 5.60% for 24 months, then on our Standard Variable Rate currently at 8.44% with a discount of 1.74%, giving a rate payable of 6.70% 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 8.44% for the remainder of the mortgage term. This would require 24 monthly payments of £2,726.71, followed by 36 payments of £2,997.12, followed by 228 payments of £3,403.09. The total amount payable would be £949,987.46 made up of the loan amount plus interest (£517,959.46), an application fee of £199, a completion fee of £999, a valuation fee of £300, a mortgage funds release fee of £35 and a mortgage exit fee of £95. The overall cost for comparison is 7.7% APRC representative.
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Our decisions are made by experts, not computers. We need to calculate the financials, but we understand there’s more behind a mortgage than the numbers on a page. We can’t promise to lend to everyone and anyone, but we’ll consider most applications on an individual basis.
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