Key Features
- Mortgage type
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- A fixed rate mortgage has an interest rate that stays the same for a set period of time. During the fixed rate period your monthly repayments stay the same. At the end of the fixed rate period the interest rate will change, usually to the lender's standard variable rate (SVR).
- Interest rates
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- 4.54% fixed until 29 December 2027, changing to our Standard variable rate (SVR) for the remainder of the mortgage, currently 6.60%.
- Maximum loan to value
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- 75 %
- Fees
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- Mortgage Exit Administration Fee (MEAF): £100
- Features
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- Overpayments allowed
- Loan size
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- £40,000 (min) - £450,000 (max).
- Early repayment charge (ERC)
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- The Early Repayment Charge (ERC) period applies from the date of completion.
- For this product the ERC period is until 29 December 2027.
- ERC is 3% to 29 December 2026 and then 2% to 29 December 2027 of the balance outstanding on the date an existing mortgage is transferred to this product.
- During the ERC period you are permitted to make overpayments up to 10% of the balance outstanding on the date an existing mortgage is transferred to this product per year. If overpayments exceed 10% in a year during the ERC period, you will have to pay the relevant ERC percentage rate on the amount of overpayment exceeding the permitted level.
- The full ERC is payable on the balance outstanding on the date an existing mortgage is transferred to this product if you repay your mortgage in full during the ERC period. The ERC will also be levied on previously permitted overpayments.
- Eligibility
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- Product available for existing borrowers to transfer their existing mortgage into, subject to payment of ERCs that apply on their current mortgage.
- The mortgage must be on a capital and interest repayment basis.
Representative example
A mortgage of £62,000 payable over 13 years initially on a fixed rate for 3 years at 4.54% and then on our standard variable rate, currently 6.60% for the remaining 10 years would require 36 monthly payments of £526.92 and 120 monthly payments of £578.81.
The total amount payable would be £88,526.32 made up of the loan amount plus interest of £26,426.32 and a MEAF of £100.
The overall cost for comparison is 5.9% APRC representative.
Additional information
LIMITED AVAILABILITY - PRODUCT MAY BE WITHDRAWN WITHOUT NOTICE.
YOUR MORTGAGE IS SECURED ON YOUR HOME. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE RESPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
- If an existing borrower who is not moving house would like a revaluation carried out to assess which LTV tier they qualify for they will be required to pay a revaluation fee (see our Mortgages explained booklet for details).
- You need to be accepted by a local Help to Buy agent for the Help to Buy scheme.
- Loan to value (LTV) is the proportion of the value or price of the property (whichever is lower) that you borrow on a mortgage. For example, a £150,000 mortgage on a house valued at £200,000 would mean a LTV of 75%.
- All mortgages must be on a capital and interest repayment basis.
- A Mortgage Exit Administration Fee (MEAF) applies when you repay your mortgage. Please see our Tariff of charges leaflet and your European Standardised Information Sheet (ESIS) for details.
- All our mortgages are portable, which means that if you move house within an early repayment charge period the product can be transferred to your new mortgage, up to the value of the product outstanding at redemption, without charge. If the loan amount on your new mortgage is lower, there may be a charge based on the difference between the old and the new loan amount. A higher lending charge may be applicable for the new mortgage.
- Charges applying to the ongoing administration of your mortgage are detailed in our Tariff of charges PDF, which you will be given before your mortgage completes.
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