Mortgage product
information.
Residential 2 Year Fixed Rate (Interest Only) – for purchase or remortgage up to 80% LTV
| Mortgage details | |
|---|---|
Initial rate | 5.29% |
Rate Type | Fixed |
Rate Term | 2 year |
APRC | 7.8% |
Standard rate | FIXED RATE of 5.29% until 31/12/2026 then reverting to 6.70% (Suffolk SVR minus 1.74%) until 31/03/2030 then changing to Suffolk Standard Variable Rate (currently 8.44%) for the remainder of the term |
Fees | Application Fee: Completion Fee: Valuation Fee: CHAPS (Fee for transfer of funds to solicitor): For full details of our valuation fees, please contact us. |
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 31/12/2026 [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 31/12/2026 at 5.29%, then on our Standard Variable Rate currently at 8.44% with a discount of 1.74%, giving a pay rate of 6.70% until 31/03/2030 (please note that the rate payable will never fall below 3%). This will be followed by our Standard Variable Rate currently at 8.44% for the remainder of the mortgage term. This would require 27 monthly payments of £335.18, followed by 39 monthly payments of £424.55, followed by 138 monthly payments of £534.67. The total amount payable would be £175,934.77 made up of the loan amount plus interest (£99,491.77), 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 7.8% APRC representative.
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