Mortgage product
information.
Shared Ownership 2 Year Discount Rate – for purchase, remortgage or staircasing up to 95% LTV
| Mortgage details | |
|---|---|
Initial rate | 3.29% (SVR minus 2.25%) |
Rate Type | Variable |
Rate Term | 2 year |
APRC | 5.0% |
Standard rate | STANDARD VARIABLE RATE of 5.54% with a discount of 2.25% until 2 years from completion, then reverting to 3.80% (Suffolk SVR minus 1.74%) for 36 months, then changing to Suffolk Standard Variable Rate (currently 5.54%) for the remainder of the term. |
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 | £500,000 |
Maximum LTV | 95% |
Additional information | Fee free over-payments up to 50% of original loan. Early repayment charge of 1% until 2 years from completion. |
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
For additional information on our mortgages, including outline lending criteria, information on valuation fees and more, take a look at our useful guide.
Representative example
A mortgage of £116,250.00 payable over 40 years initially on our Standard Variable Rate of 5.54% with a discount of 2.25%, giving a current rate payable of 3.29% for 24 months, then reverting to our Standard Variable Rate of 5.54% with a discount of 1.74% giving a rate payable of 3.80% for 36 months. 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 £440.08, followed by 36 monthly payments of £470.28, followed by 420 monthly payments of £589.01. The total amount payable would be £274,872.08 made up of the loan amount plus interest (£158,492.08), an application fee of £199, a mortgage funds release fee of £35 and a mortgage discharge fee of £95. The overall cost for comparison is 5.0% APRC representative.
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