Later Life - 2 Year Discount 60% LTV

Home
Intermediary
Later Life Mortgages
Later Life - 2 Year Discount 60% LTV

Product details

Maximum Loan To Value (LTV)

60%

Initial Interest Rate

5.84%

Follow On Variable Rate for 4 Years

7.34%

Standard Variable Rate thereafter

8.59%

Overall Cost for Comparison (APRC)

8.00%

Interest Calculated

Daily

Initial Interest Rate: 5.84% (2.75% discount from our Standard Variable Rate for 2 years. The discount is subject to a minimum interest rate floor of 2.00%)

 

This is a limited issue and the Society reserves the right to withdraw this scheme without notice at any time.

Mortgage Summary

The following is a representative example based on a mortgage of £230,000.00 payable over 25 years initially on a discounted variable rate of 5.84% for 2 years, a further discounted rate of 7.34% for 4 years, followed by our Standard Variable Rate of 8.59%. In this example you would make 24 monthly payments of £1,459.48, 48 payments of £1,663.00 and 228 monthly payments of £1,89.43.

The total amount payable would be £531,055.56 made up of the loan amount plus interest of £299,681.56 and the following costs, a Scheme Fee of (£999.00), a Chaps/Telegraphic Transfer fee (£25.00), a Valuation Fee (£275.00), and a Mortgage Exit Administration Fee (£75.00).

The overall cost for comparison is 8.0% APRC representative.

Note: What you will pay may vary from this and will depend on your personal circumstances.

Early Repayment Charge

2.50% of the redemption balance in year 1

1.50% of the redemption balance in year 2

Application Fee

There is no Application Fee payable for this product.

Scheme Fee

£999 (can be added to the loan, subject to LTV and lending criteria, or paid on completion. Fees added to the loan will accrue interest.

Further details are available on application).

Mortgage Exit Administration Fee

£75 (paid on redemption).

Standard Valuation Fee

Paid directly to valuer by the applicant – see Valuation Fee Scale for details.

A standard mortgage valuation is required on all properties.

Procuration Fee

A Procuration fee will be paid to the Introducer by the Society upon completion of the mortgage. Please refer to your Introducer for details.

Age

Minimum - 18

Maximum - 85 (Interest Only and Part & Part Mortgages)

                   - 90 (Repayment Mortgages)

Term

Minimum – 2 years

Maximum – 40 years

Loan Size

Minimum - £50,000

Maximum - £1,200,000 (Maximum Loan amounts vary by LTV, please refer to our current criteria for details)

Availability

This product is available when any of the applicants’ ages are 75+ on application, and/or at the end of the mortgage term, and do not meet our credit renew criteria.

Some property types and locations are not acceptable, speak to your Chorley Building Society mortgage advisor for more information.

With a variable rate product, payments may vary as interest rates change.

Overpayments

The Society will allow overpayments of up to 10% of the capital balance per annum without invoking an early repayment charge.

Portability

You can keep this mortgage should you move to a new property. This mortgage is portable subject to your status meeting our criteria.

Insurance

Buildings insurance is compulsory in all instances.

What you can expect from us:

  • Individual advice from friendly, qualified mortgage advisers.
  • Legal & valuation incentives (subject to product terms and conditions).
  • A flexible approach to your lending needs.
  • A personal service – one point of contact.
  • A choice of interest-only or capital repayment methods, or a combination of both.
  • We will guide you every step of the way.

At Chorley Building Society, we aim to help you find the mortgage that’s right for you and provide you with the best possible service. Whether looking to purchase a home or remortgage, we are here to help.