We’ve made the following changes:
First Time Buyer product to 92.5% LTV – We have a new First Time Buyer product with the following key highlights:
- 5% maximum loan to value (Houses only. Flats/Maisonettes 75% LTV)
- Available only for properties purchased in postcode areas LE, CV9-13 inclusive or DE11-15 inclusive
- Available for First Time Buyers for purchase only (At least one applicant can never have owned a property)
- Standard Variable Rate (SVR) less 1.60% for 5 Years, giving an initial pay rate of 3.29%
- £125 Booking Fee payable upfront and non-refundable, and £999 Arrangement Fee (The Arrangement Fee can be added provided the LTV to include the fee does not exceed 92.5%)
- No Higher Lending Charge
- Free standard valuation (up to £540)
- There is a collar of 2.5% on this mortgage which means that the rate of interest charged will not fall below 2.5%
- There is an Early Repayment Charge if the mortgage is redeemed or rearranged in the first 5 years, calculated as follows:
- 2% of the redemption balance is payable within the first 2 years
- 5% of the redemption balance is payable in years 3 and 4
- 1% of the redemption balance is payable in year 5
- Minimum mortgage amount – £100,000
- Maximum mortgage amount – £250,000
- Product number 266
Product number 238 (SVR less 1.65% 5 year discount) is now product 265 – The £125 upfront Booking Fee and £699 Arrangement Fee have been removed and replaced with a £825 arrangement fee which can be added.
Valuation Fees – We have a new scale of valuation fees, including a new band for properties between £1m and £1.5M.