Mortgage product
information.
Self Build & Renovation Large Loan 2 Year Discount Rate – for purchase or remortgage up to 70% LTV
| Mortgage details | |
|---|---|
Initial rate | 6.29% (SVR minus 2.40%) |
Rate Type | Variable |
Rate Term | 2 year |
APRC | 8.3% |
Standard rate | STANDARD VARIABLE RATE of 8.69% with a discount of 2.40% until 2 years from completion date, then reverting to 8.19% (Suffolk SVR minus 0.50%) for 36 months (please note this rate will not fall below 3%), then changing to Suffolk Standard Variable Rate (currently 8.69%). |
Fees | Application Fee: Completion Fee: Valuation Fee: CHAPS (Fee for transfer of funds to solicitor): You can see how our fees are calculated by clicking here |
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 £1,000,000.00 payable over 20 years on our Standard Variable Rate currently at 8.69% with a discount of 2.40%, giving a current rate payable of 6.29% for 24 months, then on our Standard Variable Rate currently at 8.69% with a discount of 0.50%, giving a rate payable of 8.19% 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 8.69% for the remainder of the mortgage term. This would require 24 monthly payments of £7,343.87, followed by 36 payments of £8,405.05, followed by 180 payments of £8,659.52. The total amount payable would be £2,038,812.28 made up of the loan amount plus interest (£1,036,013.28), an application fee of £199, a completion fee of £1,500, a valuation fee of £970, a mortgage funds release fee of £35 and a mortgage exit fee of £95. The overall cost for comparison is 8.3% APRC representative.