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Mortgage product
information.

RIO 2 Year Discount Rate (Interest Only) – for purchase or remortgage up to 50% LTV

Mortgage details

Initial rate

2.80% (SVR minus 2.44%)

Rate Type

Variable

Rate Term

2 year

APRC

4.9%

Standard rate

STANDARD VARIABLE RATE of 5.24% with a discount of 2.44% until 2 years from completion date, then reverting to 3.50% (Suffolk SVR minus 1.74%) for 36 months then changing to Suffolk Standard Variable Rate (currently 5.24%)

Fees

Application Fee:
£199

Completion Fee:
£500

Valuation Fee:
Purchase – Based on property valuation
Remortgage – FREE

CHAPS (Fee for transfer of funds to solicitor):
£35

Maximum loan

£500,000

Maximum LTV

50%

Additional information

Unlimited fee free overpayments [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 £130,000.00 payable over 40 years on our Standard Variable Rate currently at 5.24% with a discount of 2.44%, giving a current rate payable of 2.80% for 24 months, then on our Standard Variable Rate currently at 5.24% with a discount of 1.74%, giving a rate payable of 3.50% for 36 months (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 24 monthly payments of £304.58, followed by 36 payments of £380.73, followed by 420 payments of £570.00. The total amount payable would be £391,445,20 made up of the loan amount plus interest (£260,416.20), an application fee of £199, a completion fee of £500, a valuation fee of £200, a mortgage funds release fee of £35 and a mortgage exit fee of £95. The overall cost for comparison is 4.9% APRC representative.

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