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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).
Government First Homes Scheme - 2 Year Discount 95% LTV
Maximum Loan To Value (LTV)
95%
Initial Interest Rate
5.89%
Follow On Variable Rate for 4 Years
7.24%
Standard Variable Rate thereafter
8.49%
Overall Cost for Comparison (APRC)
7.80%
Interest Calculated
Daily
Initial Interest Rate: 5.89% (2.60% 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 £216,634 payable over 25 years initially on a discounted variable rate of 5.89% for 2 years, a further discounted variable rate of 7.24% for 4 years, followed by our Standard Variable Rate of 8.49%. In this example you would make 24 monthly payments of £1,381.25, 48 payments of £1,553.64 and 228 monthly payments of £1,700.37.
The total amount payable would be £495,484.08 made up of the loan amount plus interest of £278,775.08 and the following cost, a Mortgage Exit Administration Fee (£75.00).
The overall cost for comparison is 7.8% APRC representative.
Note: What you will pay may vary from this and will depend on your personal circumstances.
First Home Scheme
We are supporting the launch of the Government First Homes scheme to help local first-time buyers and key workers across England to own their own home. First Homes are a new form of affordable housing, sold to first-time buyers at a discount of at least 30% against the market value that remains attached to the property in perpetuity. First Homes will be for first-time buyers only, and councils will be able to prioritise them for local people and for key workers.
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 First Homes 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.