Shared Ownership 2 Year Fixed Rate – for purchase, remortgage or staircasing up to 90% LTV
FIXED RATE of 6.09% until 31/01/2026 then reverting to 6.95% (Suffolk SVR minus 1.74%) until 30/04/2029 (please note this rate will never fall below 3%), then changing to Suffolk Standard Variable Rate (currently 8.69%) for the remainder of the term.
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 3% applies until 31/01/2026
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
A mortgage of £146,060.00 payable over 35 years initially on a fixed rate until 31/01/2026 at 6.09%, then on our Standard Variable Rate currently at 8.69% with a discount of 1.74%, giving a pay rate of 6.95% until 30/04/2029 (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 26 monthly payments of £841.87, followed by 39 monthly payments of £925.07, followed by 355 monthly payments of £1,092.08. The total amount payable would be £445,948.75 made up of the loan amount plus interest (£299,559.75),an application fee of £199, a mortgage funds release fee of £35 and a mortgage exit fee of £95. The overall cost for comparison is 8.1% APRC representative.