Self Build & Renovation Large Loan 2 Year Discount Rate – for purchase or remortgage up to 70% LTV
4.19% (SVR minus 1.35%)
STANDARD VARIABLE RATE of 5.54% with a discount of 1.35% until 2 years from completion date, then reverting to 5.04% (Suffolk SVR minus 0.50%) for 36 months then changing to Suffolk Standard Variable Rate (currently 5.54%)
CHAPS (Fee for transfer of funds to solicitor):
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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
A mortgage of £1,630,000.00 payable over 25 years on our Standard Variable Rate currently at 5.54% with a discount of 1.35%, giving a current rate payable of 4.19% for 24 months, then on our Standard Variable Rate currently at 5.54% with a discount of 0.50%, giving a rate payable of 5.04% 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 5.54% for the remainder of the mortgage term. This would require 24 monthly payments of £8,797.79, followed by 36 payments of £9,539.52, followed by 240 payments of £9,941.81. The total amount payable would be £2,942,298.08 made up of the loan amount plus interest (£1,306,494.08), an application fee of £199, a completion fee of £4,075, a valuation fee of £1,400, a mortgage funds release fee of £35 and a mortgage exit fee of £95. The overall cost for comparison is 5.3% APRC representative.