Mortgage product
information.
Residential 2 Year Fixed Rate (Interest Only) – for purchase or remortgage up to 80% LTV
| Mortgage details | |
|---|---|
Initial rate | 2.95% |
Rate Type | Fixed |
Rate Term | 2 year |
APRC | 4.9% |
Standard rate | FIXED RATE of 2.95% until 30/06/2024 then reverting to 3.80% (Suffolk SVR minus 1.74%) until 30/09/2027 then changing to Suffolk Standard Variable Rate (currently 5.54%) 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 | £1m |
Maximum LTV | 80% |
Additional information | Fee free over-payments up to 50% of original loan. Early repayment charge of 3% applies until 30/06/2024 [Remortgage only: fee assisted legals] |
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Representative example
A mortgage of £550,000.00 payable over 20 years initially on a fixed rate until 30/06/2024 at 2.95%, then on our Standard Variable Rate currently at 5.54% with a discount of 1.74%, giving a pay rate of 3.80% until 30/09/2027 (please note that the rate payable will never fall below 3%). This will be followed by our Standard Variable Rate currently at 5.54% for the remainder of the mortgage term. This would require 26 monthly payments of £1,354.63, followed by 39 monthly payments of £1,745.04, followed by 175 monthly payments of £2,544.16. The total amount payable would be £1,100,262.94 made up of the loan amount plus interest (£548,504.94), an application fee of £199, a completion fee of £999, a valuation fee of £430, a mortgage funds release fee of £35 and a mortgage exit fee of £95. The overall cost for comparison is 4.9% APRC representative.