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Mortgage product
information.

RIO 5 Year Fixed Rate (Interest Only) – for purchase or remortgage up to 50% LTV

Mortgage details

Initial rate

3.25%

Rate Type

Fixed

Rate Term

5 year

APRC

5.1%

Standard rate

FIXED RATE of 3.25% until 5 years after completion date, then changing to Suffolk Standard Variable Rate (currently 5.54%) for the remainder of the term

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

You can see how our fees are calculated by clicking here

Maximum loan

£500,000

Maximum LTV

50%

Additional information

Fee free over-payments up to 50% of original loan. Early repayment charge of 3% 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 £130,000.00 payable over 40 years initially on a fixed rate until 5 years from completion date at 3.25%, then on our Standard Variable Rate currently at 5.54% for the remainder of the mortgage term. This would require 60 monthly payments of £353.53, followed by 420 monthly payments of £602.64 The total amount payable would be £405,349.60 made up of the loan amount plus interest (£272,320.60), 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 5.1% APRC representative.

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