Mortgage product
information.
Residential 2 Year Fixed Rate (Interest Only) – for purchase or remortgage up to 80% LTV
| Mortgage details | |
|---|---|
Initial rate | 5.15% |
Rate Type | Fixed |
Rate Term | 2 year |
APRC | 7.2% |
Standard rate | FIXED RATE of 5.15% until 31/12/2027, 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): |
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 31/12/2027 [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 £100,000.00 payable over 8 years initially on a fixed rate until 31/12/2027 at 5.15%, followed by our Standard Variable Rate currently at 7.74% for the remainder of the mortgage term. This would require 26 monthly payments of £433.60, followed by 70 monthly payments of £651.67. The total amount payable would be £158,373.50 made up of the loan amount plus interest (£56,890.50), an application fee of £199, a completion fee of £999, a valuation fee of £155, a mortgage funds release fee of £35 and a mortgage exit fee of £95. The overall cost for comparison is 7.2% APRC representative.