Mortgage product
information.
Additional Borrowing (Residential) 2 Year Fixed Rate – up to 90% LTV
| Mortgage details | |
|---|---|
Initial rate | 5.39% |
Rate Type | Fixed |
Rate Term | 2 year |
APRC | 7.4% |
Standard rate | FIXED RATE of 5.39% until 2 years following completion date, then reverting to 6.70% (SVR minus 1.74%) for 36 months, then changing to Suffolk Standard Variable Rate (currently 8.44%) for the remainder of the term |
Fees | Application Fee: Completion Fee: Valuation Fee: CHAPS (Fee for transfer of funds to solicitor): |
Maximum loan | £500,000 |
Maximum LTV | 90% |
Additional information | Fee free over-payments up to 50% of original loan. Early repayment charge of 3% applies until 2 years from completion |
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Representative example
A mortgage of £30,000.00 payable over 13 years initially on a fixed rate for 24 months at 5.39%, then on our Standard Variable Rate currently at 8.44% with a discount of 1.74%, giving a pay rate of 6.70% for 36 months (please note that the rate payable will never fall below 3%). This will be followed by our Standard Variable Rate currently at 8.44% for the remainder of the mortgage term. This would require 24 monthly payments of £269.33, followed by 36 monthly payments of £287.22, followed by 96 monthly payments of £305.87. The total amount payable would be £46,461.36 made up of the loan amount plus interest (£16,007.36), an application fee of £199, a completion fee of £125, a mortgage funds release fee of £35 and a mortgage exit fee of £95. The overall cost for comparison is 7.4% APRC representative.