Our 2 Year Mortgage offers a fixed rate of 5.85% for a period of 2 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
Shared Ownership 2 Year Fixed
Representative Example
5.85%
7.9% APRC
95%
£0
Further information
Advance
Minimum £25,000: Maximum £350,000
Loan to Value (LTV)
Maximum 95% of the share to be purchased
Maximum 90% of the share to be re-mortgaged
Term
Minimum 2 years: Maximum 40 years
Availability
This product is available for the purchase or re-mortgage of Shared Ownership residential property 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.
Important Information
The SVR interest rate charged cannot fall below 2%.
Full Repayment
An early repayment charge equivalent to 2% of the advance amount applies if the loan is repaid in full within the first 2 years. 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 2%.
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.
Valuation Fee
The Society will pay the cost of a standard mortgage valuation.
Mortgage Exit Administration Fee /Additional Fees
£85.00 Redemption Administration Fee. Additional administration fees may apply during the life of your mortgage. Details of these can be found in the Tariff of Charges leaflet.
The Loughborough mortgage service is tailored to each individual and offered on a fully advised basis where applicable. Our qualified advisers will spend time with you to understand your mortgage needs and financial circumstances before recommending the most suitable solution for you.
To get in touch with our mortgage team either telephone us on 01509 389282, email at [email protected] or request a call back.
