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Mortgage product
information.

Residential 2 Year Fixed Rate (Interest Only) – for purchase or remortgage up to 80% LTV

Mortgage details

Initial rate

5.69%

Rate Type

Fixed

Rate Term

2 year

APRC

8.1%

Standard rate

FIXED RATE of 5.69% until 31/08/2026 then reverting to 6.95% (Suffolk SVR minus 1.74%) until 30/11/2029 then changing to Suffolk Standard Variable Rate (currently 8.69%) for the remainder of the term

Fees

Application Fee:
£199

Completion Fee:
£999

Valuation Fee:
Purchase – Based on property valuation
Remortgage – FREE

CHAPS (Fee for transfer of funds to solicitor):
£35

You can see how our fees are calculated by clicking here

Maximum loan

£750,000

Maximum LTV

80%

Additional information

Fee free over-payments up to 50% of original loan. Early repayment charge of 3% applies until 31/08/2026 [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 £75,000.00 payable over 17 years initially on a fixed rate until 31/08/2026 at 5.69%, then on our Standard Variable Rate currently at 8.69% with a discount of 1.74%, giving a pay rate of 6.95% until 30/11/2029 (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 27 monthly payments of £360.53, followed by 39 monthly payments of £440.37, followed by 138 monthly payments of £550.59. The total amount payable would be £179,333.16 made up of the loan amount plus interest (£102,890.16), an application fee of £199, a completion fee of £999, a valuation fee of £115, a mortgage funds release fee of £35 and a mortgage exit fee of £95. The overall cost for comparison is 8.1% APRC representative.

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