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3.09% 5 year fixed rate
Key things to bear in mind
- Purpose - Product switch and further advance
- Loan to Value - Maximum 60%
- Application Fee - £125 for further advance. £0 for product switch
- Valuation Fees - £0
- ~Product fee - £0
- Maximum loan - No maximum.
- Minimum loan - £2,000 for further advance. No minimum for product switches.
- Additional benefits:
- ^Cashback - £0
- Early Repayment Charges - 5% until 30/09/2022, 4% until 30/09/2023, 3% until 30/09/2024, 2% until 30/09/2025, 1% until 30/09/2026
- Additional criteria – For further advances the mortgage must complete by 01/11/2021
A further advance of £22,740.00 payable over 10 years initially on a fixed rate for 5 years at 3.09% and then on our variable Managed Mortgage Rate, currently 4.39% for the remaining 5 years, would require 63 monthly payments of £220.53 and 57 monthly payments of £226.60, plus one initial interest payment of £57.90.
The total amount payable would be £27,092.49 made up of the loan amount plus interest of £4,127.49, an Application Fee of £125 which includes the Valuation Fee, and Legal Fees of £100.
The overall cost for comparison is 3.7% APRC representative.
More downloads & what you'll need to apply
More mortgage downloads
• Existing borrower product switch product summary pack
• Further advance product summary pack
If you're renting your current home you'll need...
• 12 months statements showing rent payments.
If you already have a mortgage you'll need…
• Proof of mortgage payments - we carry out an electronic credit check on all applicants which usually confirms this. However if this fails, we will need proof. This can be provided from 12 months bank statements, the latest mortgage statements, or a combination. To speed up our underwriting, you can provide these on submission.
Proof of income
• Three months most recent payslips
• Most recent P60.
If you have property or investment income you'll need...
• Two years most recent SA302s.
If you're self employed you'll need...
• Two years most recent accounts or two years most recent SA302s / Tax Calculations (100% Completed) or Family Building Society Accountant’s Certificate
• Accountant’s details on the application form.
If you are already retired or if the term of your mortgage term goes beyond retirement or age 70 you'll need...
• Most recent Pension Statement or letter from Department for Work and Pensions
• Most recent annual Pension Statement
• Most recent P60.
• Evidence of rent being paid in and mortgage being paid out (bank statements requested above may already cover this).
Call our expert UK team
Savings - 03330 140141
Mortgages - 03330 140140
Savings - 03330 140144
Mortgages - 03330 140146