Maximum Loan To Value (LTV)
95%
Initial Interest Rate
6.45%
Follow On Variable Rate for 4 Years
7.49%
Standard Variable Rate thereafter
8.74%
Overall Cost for Comparison (APRC)
8.20%
Interest Calculated
Daily
Initial Interest Rate: 6.45% (2.29% 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.
The following is a representative example based on a mortgage of £230,000 payable over 25 years initially on a discounted variable rate of 6.45% for 2 years, a further discounted variable rate of 7.49% for 4 years, followed by our Standard Variable Rate of 8.74%. In this example you would make 24 monthly payments of £1,545.80, 48 payments of £1,689.58 and 228 monthly payments of £1,847.58.
The total amount payable would be £539,522.28 made up of the loan amount plus interest of £309,477.28 and the following cost, a Mortgage Exit Administration Fee (£75.00).
The overall cost for comparison is 8.20% APRC representative.
Note: What you will pay may vary from this and will depend on your personal circumstances.
Cashback
£500 for Further Advances whereby a minimum of 50% of the additional funds are to be used towards Green Home Improvements. Please see the Availability and Suitability section within the Additional Information tab.
Further Advance Fee
There is no further advance application fee for this product if at least 50% of the additional funds are to be used towards Green Home Improvements.
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
£75.00 (payable on redemption)
Age
Minimum - 21
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 and Suitability
Available for existing mortgage customers who wish to borrow additional funds up to a maximum total LTV of 95%. If you are borrowing for Home Improvements you may qualify for the incentives, but to be eligible you must evidence that a minimum of 50% of the additional funds are to be used towards Green Home Improvements.
These could include:
• New windows and doors
• Insulation
• Solar panels
• Ground or air source pumps
This list is not exhaustive, for more ideas on making your home more ‘green’ take a look at our Green Home Guide here:
Your guide to a greener home | Chorley Building Society (chorleybs.co.uk)
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.
Please speak to your Chorley Building Society mortgage advisor for more details.
Overpayments
The Society will allow overpayments of up to 10% of the redemption 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.
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.
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