Mortgage product
information.
Expat Residential 2 Year Discount Rate (Interest Only) – for purchase or remortgage up to 80% LTV
| Mortgage details | |
|---|---|
Initial rate | 5.84% (SVR minus 2.60%) |
Rate Type | Variable |
Rate Term | 2 year |
APRC | 7.7% |
Standard rate | STANDARD VARIABLE RATE of 8.44% with a discount of 2.60% until 2 years from completion date, then reverting to 6.70% (SVR minus 1.74%) for 36 months (please note this rate will not fall below 3%), then changing to Suffolk Standard Variable Rate (currently 8.44%) |
Fees | Application Fee: Completion Fee: Valuation Fee: Remortgage – Based on property valuation CHAPS (Fee for transfer of funds to solicitor): For full details of our valuation fees, please contact us. |
Maximum loan | £1m |
Maximum LTV | 80% |
Additional information | Fee free over-payments up to 50% of original loan. Early repayment charge of 1% applies until 2 years from completion |
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Representative example
An interest only mortgage of £250,000.00 payable over 9 years on our Standard Variable Rate currently at 8.44% with a discount of 2.60%, giving a current rate payable of 5.84% for 24 months, then on our Standard Variable Rate currently at 8.44% with a discount of 1.74%, giving a rate payable 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 £1,221.70, followed by 36 payments of £1,401.61, followed by 48 payments of £1,765.61. The total amount payable would be £416,071.04 made up of the loan amount plus interest (£164,528.04), an application fee of £199, a completion fee of £999, a valuation fee of £215, a mortgage funds release fee of £35 and a mortgage exit fee of £95. The overall cost for comparison is 7.4% APRC representative.