On 22nd May, we released a number of 5 year fixed rates, having listened to intermediary feedback & demand.
For the residential range, ALL of these products will benefit from affordability being assessed based upon the product pay rate – rather than a ‘stressed reversionary rate’. And for BTL, the ICR is 145% of pay rate… this basically means that affordability is going to be enhanced!
LAUNCH: the following 5 year new products*
- Residential purchase / remo
2.79% 5 Year Fixed until 31.08.22, max 90% LTV.
Fees: £800 completion, £199 application.
- BTL purchase / remo
3.25% 5 Year Fixed until 31.08.22, max 75% LTV.
Fees: £1300 completion, £199 application.
- Shared Ownership purchase only
4.69% 5 Year Fixed until 31.08.22, max 95% of the share.
Fees: £199 application (no completion fee)
CHAPS fee of £35, free for shared ownership. Valuation fee based on property value. For remortgage: fee valuation (up to maximum property valuation of £1m) and fee assisted legals.
Fee free overpayments up to 50% of original loan amount. ERC for payments >50% applies whilst in fixed rate period at 5% of the overpayment. For early redemption a 5% charge will apply based on the original loan amount.
