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Mortgage product
information.

Residential 2 Year Discount Rate (Interest Only) – for purchase or remortgage up to 80% LTV

Mortgage details

Initial rate

2.70% (SVR minus 2.54%)

Rate Type

Variable

Rate Term

2 year

APRC

4.6%

Standard rate

STANDARD VARIABLE RATE of 5.24% with a discount of 2.54% until 2 years from completion date then reverting to 3.50% (Suffolk SVR minus 1.74%) for 36 months then changing to Suffolk Standard Variable Rate (currently 5.24%)

Fees

Application Fee:
£199

Completion Fee:
£999

Valuation Fee:
Purchase – Based on property valuation
Remortgage – FREE

CHAPS (Fee for transfer of funds to solicitor):
£35

Maximum loan

£750,000

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 £150,000.00 payable over 15 years on our Standard Variable Rate currently at 5.24% with a discount of 2.54%, giving a current rate payable of 2.70% for 24 months, then on our Standard Variable Rate currently at 5.24% with a discount of 1.74%, giving a rate payable of 3.50% 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 5.24% for the remainder of the mortgage term. This would require 24 monthly payments of £339.83, followed by 36 payments of £440.51, followed by 120 payments of £659.51. The total amount payable would be £254,643,48 made up of the loan amount plus interest (£103,155.48), an application fee of £199, a completion fee of £999, a valuation fee of £160, a mortgage funds release fee of £35 and a mortgage exit fee of £95. The overall cost for comparison is 4.6% APRC representative.

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