Mortgage product
information.
Residential 2 Year Discount Rate (Interest Only) – for purchase or remortgage up to 80% LTV
| Mortgage details | |
|---|---|
Initial rate | 4.95% (SVR minus 2.79%) |
Rate Type | Variable |
Rate Term | 2 year |
APRC | 7.5% |
Standard rate | STANDARD VARIABLE RATE of 7.74% with a discount of 2.79% until 2 years from completion date, then changing to Suffolk Standard Variable Rate (currently 7.74%) 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 £218,509.00 payable over 16 years on our Standard Variable Rate currently at 7.74% with a discount of 2.79%, giving a current rate payable of 4.95% for 24 months, followed by our Standard Variable Rate currently at 7.74% for the remainder of the mortgage term. This would require 24 monthly payments of £905.61, followed by 168 payments of £1,416.05. The total amount payable would be £479,668.04 made up of the loan amount plus interest (£259,631.04), an application fee of £199, a completion fee of £999, a valuation fee of £200, a mortgage funds release fee of £35 and a mortgage exit fee of £95. The overall cost for comparison is 7.5% APRC representative.