Mortgage product
information.
Residential 2 Year Fixed Rate (Interest Only) – for purchase or remortgage up to 80% LTV
| Mortgage details | |
|---|---|
Initial rate | 2.99% |
Rate Type | Fixed |
Rate Term | 2 year |
APRC | 4.7% |
Standard rate | FIXED RATE of 2.99% until 31/01/2024 then reverting to 3.50% (Suffolk SVR minus 1.74%) until 30/04/2027 then changing to Suffolk Standard Variable Rate (currently 5.24%) for the remainder of the term |
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 3% applies until 31/01/2024 [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 £228,600.00 payable over 20 years on an interest only basis initially with a fixed rate until 31/01/2024 at 2.99%, then on our Standard Variable Rate currently at 5.24% with a discount of 1.74%, giving a pay rate of 3.50% until 30/04/2027 (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 27 monthly payments of £572.17, followed by 39 monthly payments of £669.80, followed by 174 monthly payments of £1002.56. The total amount payable would be £446,144.23 made up of the loan amount plus interest (£216,016.23), 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 discharge fee of £95. The overall cost for comparison is 4.7% APRC representative.