Mortgage product
information.
Residential 2 Year Fixed Rate (Interest Only) – for purchase or remortgage up to 80% LTV
| Mortgage details | |
|---|---|
Initial rate | 5.99% |
Rate Type | Fixed |
Rate Term | 2 year |
APRC | 7.8% |
Standard rate | FIXED RATE of 5.99% until 31/01/2026 then reverting to 6.95% (Suffolk SVR minus 1.74%) until 30/04/2029 then changing to Suffolk Standard Variable Rate (currently 8.69%) for the remainder of the term |
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 | £350,000 |
Maximum LTV | 80% |
Additional information | Fee free over-payments up to 50% of original loan. Early repayment charge of 3% applies until 31/01/2026 [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 £170,000.00 payable over 11 years initially on a fixed rate until 31/01/2026 at 5.99%, then on our Standard Variable Rate currently at 8.69% with a discount of 1.74%, giving a pay rate of 6.95% until 30/04/2029 (please note that the rate payable will never fall below 3%). This will be followed by our Standard Variable Rate currently at 8.69% for the remainder of the mortgage term. This would require 26 monthly payments of £853.74, followed by 39 monthly payments of £990.76, followed by 67 monthly payments of £1,238.40. The total amount payable would be £315,304.28 made up of the loan amount plus interest (£143,796.28), an application fee of £199, a completion fee of £999, a valuation fee of £180, a mortgage funds release fee of £35 and a mortgage exit fee of £95. The overall cost for comparison is 7.8% APRC representative.