Mortgage product
information.
Residential 2 Year Discount Rate (Interest Only) – for purchase or remortgage up to 80% LTV
| Mortgage details | |
|---|---|
Initial rate | 4.90% (SVR minus 2.59%) |
Rate Type | Variable |
Rate Term | 2 year |
APRC | 7.0% |
Standard rate | STANDARD VARIABLE RATE of 7.49% with a discount of 2.59% until 2 years from 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: CHAPS (Fee for transfer of funds to solicitor): For full details of our valuation fees, please contact us. |
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, excluding Joint Borrower Sole Proprietor applications] |
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Representative example
An interest only mortgage of £293,500.00 payable over 8 years on our Standard Variable Rate currently at 7.49% with a discount of 2.59%, giving a current rate payable of 4.90% for 24 months, followed by our Standard Variable Rate currently at 7.49% for the remainder of the mortgage term. This would require 24 monthly payments of £1,202.68, followed by 72 payments of £1,838.38. The total amount payable would be £456,285.68 made up of the loan amount plus interest (£161,227.68), an application fee of £199, a completion fee of £999, a valuation fee of £230, a mortgage funds release fee of £35 and a mortgage exit fee of £95. The overall cost for comparison is 7.0% APRC representative.