A mortgage available for residential owner-occupier purchase or remortgage.
| Key Details | |
| Term | 2 years |
| Initial Rate1 | 6.65% variable |
| Overall Cost For Comparison2 | 7.3% APRC |
| MAX LTV3 | over 90% and up to 95% |
| Early Repayment Charge | 2% in year one, followed by 1% in year two |
| Product Fees | £199 Application Fee, No Completion Fee |
A mortgage of £288,000.00 payable over 31 years initially on a discounted rate of 6.65% for 2 years then on our follow-on rate of a 1.74% discount off our standard variable rate (currently 8.89%) giving a rate of 7.15% variable for the remaining 29 years would require 23 monthly payments of £1,831.74 and 348 monthly payments of £1,924.99; plus one initial interest payment of £1,626.61.
The total amount payable would be £714,257.15 made up of the loan amount, plus interest and fee(s) totalling £426,257.15. This includes Application Fee (£199), Legal Fees (£255), Chaps Fee (£25) and Redemption Administration Fee (£125).
The overall cost for comparison is 7.3% APRC representative.
A representative example is designed to help understanding of the typical cost of this mortgage. This is not an illustration and is only provided as an example.
A discounted variable rate mortgage is discounted from our Standard Variable Rate (SVR), and as a result, the initial rate will go up or down when we change our SVR and by the same amount. We choose when to change our SVR depending on a variety of factors and our SVR is not directly linked to the Bank of England Base Rate (BBR). If the interest rate goes up, we will write to borrowers in advance to inform them of the intended changes.
When borrowers come to the end of the initial rate term, we will write to them to offer them another deal and they can either choose to accept this deal, remortgage to another lender, or should they do nothing, revert onto a follow-on rate at 1.74% below our Standard Variable Rate (SVR).
The follow-on rate is also variable and may go up or down. A minimum interest rate of 3% will apply during the full term of the mortgage.
A basic valuation fee is included. If you require a more detailed Homebuyers Report, this will be at an additional charge.
You can find out more including the fee scale in our Mortgage Valuation Fees document.
Unless otherwise stated, our mortgage products are available for house purchase or remortgage. All our mortgage products are subject to availability and can be withdrawn at any time.
All mortgage applications are manually underwritten by our experienced underwriters and are subject to a full assessment against our lending criteria.
It is important that you take time to read and understand the mortgage product features detailed above and the information about our Residential or Buy to Let mortgages detailed in the General Information Guides.
All of the mortgages shown are available direct from us via our qualified sales team, please call on the number above, request a call back, or submit a detailed contact request to find out more.
To get an indication of whether this mortgage is right for you, you can use our repayment calculator to see what the potential monthly repayments might be.
1 The Initial Rate is the rate available during the initial term of the mortgage. Once the initial rate term has expired, the mortgage will either revert to our Standard Variable Rate (SVR), or a follow-on rate that is a discount off our SVR.
Our SVR is set by us and is currently 8.64%, as a variable rate it may go up or down. Our follow-on rate is 1.74% below our SVR (currently 6.90% variable) and will go up or down with changes to our SVR.
2. The Overall Cost for Comparison is given as the Annual Percentage Rate of Charge (APRC) and includes all charges incurred relating to the mortgage. The APRC is intended to help you as a borrower compare the interest rates on different products.
3. Like all other mortgage lenders, we will allow you to borrow against a proportion of the overall property value. This is known as Loan to Value (LTV) and is expressed as a percentage. For example, if you want to purchase a property at £100,000 and you would like to borrow £85,000, then you will need a mortgage available at 85% Loan to Value (LTV). The available LTV can vary depending upon the type of mortgage.
Shared Ownership mortgages will offer two percentages under LTV – the proportion of the property value and the proportion of the share being purchased.
Your home may be repossessed if you do not keep up repayments on your mortgage
The Mansfield Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Reference number 206049. Member of the Building Societies Association.
Date printed: 21/11/2024 09:10:06 am
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