Our Discounted Market Value 3 Year Fixed Rate product offers a fixed rate of 5.85% for a period of 3 years from completion. Thereafter the interest rate will revert to the Society’s prevailing standard variable mortgage interest rate (SVR), currently 7.94%.
for comparison
Discounted Market Value – 3 Year Fixed
Representative Example
5.85%
7.7% APRC
95%
£0
Further information
Advance
Minimum £25,000: Maximum £350,000
Loan to value (LTV)
Maximum 95% (subject to the Society’s lending policy)
Term
Minimum 3 years: Maximum 40 years
Availability
This product is available for the purchase or remortgage of a residential property under a Discounted Market Value scheme, (including First Homes), in mainland England and Wales for the applicants own use. All applications are subject to the Society’s general lending criteria, property valuation and satisfactory status enquiries. This product is a limited edition and cannot be guaranteed until an application has been received.
Repayment method – Applications will only be accepted on a capital and interest basis
Free Valuation
The Society will pay the cost of a standard mortgage valuation fee.
Full Repayment
An early repayment charge equivalent to 3% of the balance remaining applies if the loan is repaid in full within the first year reducing to 2% in the second and 1% in the third year of the product period. Thereafter the Society’s standard repayment charges will apply – see Tariff of Charges. The early repayment charge may be refunded if the borrower(s) take out a new mortgage with the Society subject to meeting the Society’s criteria.
Partial Lump Sum Repayment
Up to 10% of the advanced amount may be repaid in any year of the product rate period without charge. Repayments made above the 10% limit will be subject to a charge of 3% of the balance remaining applies if the loan is repaid in full within the first year reducing to 2% in the second and 1% in the third year of the product period.
Valuation Fee
The Society will pay the cost of a standard mortgage valuation fee.
CHAPS Fee
On completion, the advance will be released to the appointed Solicitor by CHAPS (Clearing House Automated Payment Service). This is at a cost to the borrower of £10.00.
Mortgage Exit Administration Fee /Additional Fees
£85.00 Sealing Fee. Additional administration fees may apply during the life of your mortgage. Details of these can be found in the Tariff of Charges leaflet.
