Mortgage product
information.
Residential 5 Year Fixed Rate (Interest Only) – for purchase or remortgage up to 80% LTV
| Mortgage details | |
|---|---|
Initial rate | 5.25% |
Rate Type | Fixed |
Rate Term | 5 year |
APRC | 6.5% |
Standard rate | FIXED RATE of 5.25% until 5 years from completion date then changing to Suffolk Standard Variable Rate (currently 8.14%) 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 5% applies until 5 years from completion [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 £100,000.00 payable over 8 years initially on a fixed rate of 5.25% for 5 years, then our Standard Variable Rate currently at 8.14% for the remainder of the mortgage term. This would require 60 monthly payments of £442.02, followed by 36 monthly payments of £685.35. The total amount payable would be £152,826.80 made up of the loan amount plus interest (£51,343.80), 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 6.5% APRC representative.