Mortgage product
information.
Residential 2 Year Discount Rate (Interest Only) – for purchase or remortgage up to 80% LTV
| Mortgage details | |
|---|---|
Initial rate | 5.79% (SVR minus 2.90%) |
Rate Type | Variable |
Rate Term | 2 year |
APRC | 7.9% |
Standard rate | STANDARD VARIABLE RATE of 8.69% with a discount of 2.90% until 2 years from completion date, then reverting to 6.95% (Suffolk SVR minus 1.74%) for 36 months (please note this rate will never fall below 3%), 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 | £350,000 |
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
An interest only mortgage of £75,000.00 payable over 10 years on our Standard Variable Rate currently at 8.69% with a discount of 2.90%, giving a current rate payable of 5.79% 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 £366.86, followed by 36 payments of £440.36, followed by 60 payments of £550.64. The total amount payable would be £134,139.00 made up of the loan amount plus interest (£57,696.00), an application fee of £199, a completion fee of £999, a valuation fee of £115, a mortgage funds release fee of £35 and a mortgage exit fee of £95. The overall cost for comparison is 7.9% APRC representative.