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: Completion Fee: Valuation Fee: CHAPS (Fee for transfer of funds to solicitor): |
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.