Mortgage product
information.
Holiday Let 5 Year Fixed Rate – for purchase or remortgage up to 80% LTV
| Mortgage details | |
|---|---|
Initial rate | 5.69% |
Rate Type | Fixed |
Rate Term | 5 year |
APRC | 7.7% |
Standard rate | FIXED RATE of 5.69% until 5 years following completion date, then changing to Suffolk Standard Variable Rate (currently 8.29%) for the remainder of the term |
Fees | Application Fee: Completion Fee: Valuation Fee: Remortgage – FREE CHAPS (Fee for transfer of funds to solicitor): |
Maximum loan | £1m |
Maximum LTV | 80% |
Additional information | Fee free over-payments up to 50% of original loan. Early repayment charge of 5% applies until 5 years from completion [Remortgage only: fee assisted legals] |
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Representative example
A mortgage of £302,400.00 payable over 30 years initially on a fixed rate until 5 years from completion date at 5.69%, then on our Standard Variable Rate currently at 8.29% for the remainder of the mortgage term. This would require 60 monthly payments of £1,438.78, followed by 300 monthly payments of £2,096.22. The total amount payable would be £1,019,150.80 made up of the loan amount plus interest (£715,192.80), an application fee of £199, a completion fee of £999, a valuation fee of £230, a mortgage funds release fee of £35 and a mortgage exit fee of £95. The overall cost for comparison is 7.7% APRC representative.