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Cashback
£250.00 for properties completing with an EPC rating of A or B. (Cashback to be paid once the Society has been provided with a copy of the EPC certificate showing a rating of A or B, no later than 3 months following completion).
Government First Homes Scheme - 2 Year Discount 95% LTV
Maximum Loan To Value (LTV)
95%
Initial Interest Rate
5.94%
Follow On Variable Rate for 4 Years
7.24%
Standard Variable Rate thereafter
8.49%
Overall Cost for Comparison (APRC)
7.90%
Interest Calculated
Daily
Initial Interest Rate: 5.94% (2.55% 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 £216,634.00 payable over 25 years initially on a discounted variable rate of 5.94% 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 £1,387.84, 48 payments of £1,554.07 and 228 monthly payments of £1,700.84.
The total amount payable would be £496,594.04 made up of the loan amount plus interest of £279,061.04 and the following costs, a Scheme Fee of (£599.00), a Chaps/Telegraphic Transfer fee (£25.00), a Valuation Fee (£200.00), and a Mortgage Exit Administration Fee (£75.00).
The overall cost for comparison is 7.9% 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
£599 (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.
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 - 72
Term
Minimum – 2 years
Maximum – 40 years
Loan Size
Minimum - £50,000
Maximum Purchase Price – The purchase price of the property after the discount has been applied – this will be capped at £250,000, or £420,000 inside London. Local Authorities offer a discount of between 30% and 50% of the market value.
Availability
Eligibility criteria may vary, therefore before proceeding with a mortgage, you must have had your application approved under the First Home scheme.
Available to customers who meet our standard lending criteria. Non-standard products are available.
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.