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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
£75.00 (payable on redemption)
Holiday Let - 2 Year Discount 80% LTV
Maximum Loan To Value (LTV)
80%
Initial Interest Rate
6.44%
Standard Variable Rate thereafter
8.49%
Overall Cost for Comparison (APRC)
8.40%
Interest Calculated
Daily
Initial Interest Rate: 6.44% (2.05% 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 £142,472 payable over 25 years initially on a discounted variable rate of 6.44% for 2 years followed by our Standard Variable Rate of 8.49%. In this example you would make 24 monthly payments of £956.65, followed by 276 monthly payments of £1,135.52.
The total amount payable would be £336,438.12 made up of the loan amount plus interest of £193,891.12, and a Mortgage Exit Administration Fee (£75.00).
The overall cost for comparison is 8.4% APRC representative
Note: What you will pay may vary from this and will depend on your personal circumstances.
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 with a Holiday Let mortgage of up to 80% 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 as interest rates change.
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
Landlords insurance on the property is compulsory.
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.