Mortgage product
information.
Residential 2 Year Discount Rate (Interest Only) – for purchase or remortgage up to 80% LTV
| Mortgage details | |
|---|---|
Initial rate | 2.45% (SVR minus 3.09%) |
Rate Type | Variable |
Rate Term | 2 year |
APRC | 4.8% |
Standard rate | STANDARD VARIABLE RATE of 5.54% with a discount of 3.09% until 2 years from completion date then reverting to 3.80% (Suffolk SVR minus 1.74%) for 36 months then changing to Suffolk Standard Variable Rate (currently 5.54%) |
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 | £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
An interest only mortgage of £135,000.00 payable over 15 years on our Standard Variable Rate currently at 5.54% with a discount of 3.09%, giving a current rate payable of 2.45% for 24 months, then on our Standard Variable Rate currently at 5.54% with a discount of 1.74%, giving a rate payable of 3.80% 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 5.54% for the remainder of the mortgage term. This would require 24 monthly payments of £276.72, followed by 36 payments of £429.21, followed by 120 payments of £625.71. The total amount payable would be £233,167.04 made up of the loan amount plus interest (£97,178.04), an application fee of £199, a completion fee of £500, 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 4.8% APRC representative.