Mortgage product
information.
Self Build & Renovation Large Loan 2 Year Discount Rate – for purchase or remortgage up to 70% LTV
| Mortgage details | |
|---|---|
Initial rate | 5.90% (SVR minus 1.99%) |
Rate Type | Variable |
Rate Term | 2 year |
APRC | 7.8% |
Standard rate | STANDARD VARIABLE RATE of 7.89% with a discount of 1.99% until 2 years from completion date, then changing to Suffolk Standard Variable Rate (currently 7.89%) for the remainder of the term. |
Fees | Application Fee: Completion Fee: Valuation Fee: CHAPS (Fee for transfer of funds to solicitor): |
Maximum loan | £2m |
Maximum LTV | 70% |
Additional information | Fee free over-payments up to 50% of original loan. Early repayment charge of 2% applies until 2 years from completion |
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Representative Example
A mortgage of £1,400,000.00 payable over 25 years on our Standard Variable Rate currently at 7.89% with a discount of 1.99%, giving a current rate payable of 5.90% for 24 months, followed by our Standard Variable Rate currently at 7.89% for the remainder of the mortgage term. This would require 24 monthly payments of £8,948.46, followed by 276 payments of £10,615.18. The total amount payable would be £3,146,196.78 made up of the loan amount plus interest (£1,742,417.78), an application fee of £199, a completion fee of £2,100, a valuation fee of £1,350, a mortgage funds release fee of £35 and a mortgage exit fee of £95. The overall cost for comparison is 7.8% APRC representative.