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Early Repayment Charge
2.50% of the redemption balance in year 1
1.50% of the redemption balance in year 2
Mortgage Exit Administration Fee
£75 (paid on redemption).
Discount Market Scheme - 2 Year Discount 95% LTV (20% OMV Discount)
Maximum Loan To Value (LTV)
95%
Initial Interest Rate
6.24%
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: 6.24% (2.35% 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 payable over 25 years initially on a discounted variable rate of 6.24% for 2 years, a further discounted variable rate of 7.34% for 4 years, followed by our Standard Variable Rate of 8.59%. In this example you would make 2 monthly payments of £1,515.82, 48 payments of £1,666.64 and 228 monthly payments of £1,823.41.
The total amount payable would be £532,190.88 made up of the loan amount plus interest of £302,115.88 and the following cost, 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.
Discount Market Scheme
The Discount Market Scheme/Sale (DMS) is a low cost home ownership product where a new build property is purchased at a discounted price. The scheme is intended to help low and middle earners get onto the property ladder when they would otherwise struggle to buy a home on the open market by allowing the purchaser to own 100% of the property but at a reduced price. The discount will remain with the property throughout all subsequent sales and the property can only be sold to a person who fits the eligibility criteria.
Not all councils offer the scheme. Councils who do run this scheme set the eligibility criteria and this can vary between areas. Typically, you cannot have an interest in another property, you must usually have a local connection to the area the home is in and there is typically a household earnings threshold. For more details speak to your mortgage adviser and/or contact the local council in the area you would like to buy a home in to enquire about whether they offer the Discounted Market Scheme and their specific eligibility criteria.
Age
Minimum - 18
Maximum - No Maximum Age
Term
Minimum – 2 years
Maximum – 40 years
Loan Size
Minimum - £5,000
Maximum - £1,200,000 (Maximum Loan amounts vary by LTV, please refer to our current criteria for details)
Availability & Suitability
Available for existing mortgage customers with a Discount Market Scheme mortgage of up to 95% LTV, whose special mortgage rate period is coming to an end or wish to switch to another product.
This type of product may be suitable if you wish to keep your repayments low for the first two years and do not mind your payments varying.
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.