5 Year Fixed Rate - 85% LTV
|Product type||Initial rate||Duration||Followed by our SVR¹, currently||The overall cost for comparison is||LTV²||Product fee|
|Fixed||2.46%||5 years||4.99%||3.9% APRC||85%||£0|
Rates effective from 30/11/2018
A (transferred) loan of £90,000 payable over 24 years, initially on our 2.46% 5 year fixed rate, followed by our Standard Variable Rate currently 4.99%, for the remaining 19 years, would require 60 monthly payments of £412.86 and 228 monthly payments of £507.40. The total amount payable would be £140,619.96 made up of the loan amount plus interest of £50,459.96, a revaluation fee of £70 and a redemption administration charge of £90.
The overall cost for comparison is 3.9% APRC.
Note: What you will pay may vary from this and will depend on your personal circumstances.
How much can you transfer?
- Minimum amount you must transfer: £10,000
- Maximum amount you may transfer: £1,000,000
What's great about this mortgage product?
- Make capital repayments up to 10% of the amount originally borrowed (or £10,000 - whichever is lower) per year without charge.
- Option to overpay or underpay (subject to terms and conditions).
Some things you need to know
- No product fee
- Revaluation fee paid by customer
- The interest rate reverts to our standard variable rate after five years
- There will be an early repayment charge if you repay in full or if you repay over 10% of the amount originally borrowed (or £10,000 - whichever is lower) per year during the initial rate period.
- No self-builds or conversions allowed
- Existing borrowers only
Could be ideal if you...
- Want to be secure in the knowledge that your interest rate is fixed for five years
Applications are subject to standard lending criteria and all loans are subject to status.
All new mortgages can only be set up on a repayment (Capital & Interest) basis. With this type of mortgage the borrower's monthly payment will include elements of both interest and capital. Provided all payments are maintained, the loan will be repaid at the end of the term. We do not currently lend on an interest-only repayment basis.
¹ Most mortgage lenders have what's known as a standard variable rate. As the name suggests, this interest rate can vary upwards or downwards. At the end of special interest rate deals, many borrowers may pay this rate, so even if you initially opt for a special deal, you should take note of it.
APRC stands for Annual Percentage Rate Charge and is designed to show the total yearly cost of a mortgage stated as a percentage of the loan. APR is quoted by every lender to help customers compare the overall costs of different mortgages. It includes all charges incurred such as the interest rate paid at the start of the mortgage, the product fee, valuation fee and other charges commonly paid at the end of a mortgage term.
²LTV stands for loan to value ratio. This tells you how much of a property is being financed by your mortgage and is a way to tell how much equity you have in a property. For example, if you buy a home worth £100,000 and your mortgage is for £75,000, your loan is 75% of the home's total value and therefore your loan to value ratio (LTV) is 75%.
Take your fixed rate deal with you
- If you move home, your fixed rate mortgage product can go with you - assuming you meet our criteria at that time.
What happens at the end of the five years?
- At the end of the fixed rate period your mortgage becomes a standard variable rate mortgage.
- If interest rates have risen you may need to budget for higher monthly payments.
- You may need to skip a few payments or pay a bit less some months. This is fine by us as long as you contact us on 0345 300 0522 to confirm you've already overpaid enough to cover the missing amounts. We'll ask you to fill in a form to set out exactly what you want to do and for how long. Please note interest will continue to accrue during a payment holiday.
Minimum loan amount
- The minimum amount you must transfer is £10,000.
Maximum loan amount
- The maximum amount you may transfer is £1,000,000
- There is no product fee on this product.
- There is a charge for revaluation on this mortgage product.
You can pay off your mortgage early whenever you want, but you will have to pay an early repayment charge if you repay in full or if you repay over 10% of the amount originally borrowed (or £10,000 - whichever is lower) per year during the initial rate period.Overpayments (monthly or lump sum) up to a total of 10% of the amount originally borrowed, or £10,000 (whichever is the lower figure) per year are allowed without charge. Any amount repaid over the 10% (or £10,000) limit will incur a charge of the percentage specified on the excess amount:
- 4% in years 1-2
- 3% in year 3
- 2% in year 4
- 1% in year 5
Other fees and charges
For a full list of all our possible mortgage charges and a description of when these may apply, you can download our tariff of mortgage charges.