A one-off fee charged on some mortgages. You can pay this up-front or add it to the total mortgage amount (and pay interest on it at the same rate as the rest of your borrowing).
‘Early repayment charges’
This is a fee we charge if you overpay, switch or pay off your mortgage early. Early repayment charges don’t always apply – we’ll tell you if they do.
‘Overall cost for comparison’
We take into account the interest, fees and charges that may apply over the life of your mortgage and express it as a percentage. This is the Annual Percentage Rate of Charge (APRC) and you can use it to compare the cost of different mortgages.
This is the interest rate that applies to the initial period of the mortgage.
‘LTV’ – Loan to Value
The LTV is the size of your loan shown as a percentage of the value of your property. If you have an £80,000 mortgage, and the value of your home (or the purchase price, whichever is lower) is £100,000, the Loan to Value is 80%.
‘Followed By rate’
The interest rate you pay following the initial period of the mortgage.
An Offset mortgage links an Offset savings account to an Offset mortgage to reduce the mortgage interest payable. Interest on the mortgage is charged on the difference between the mortgage and savings balances, and this interest is paid alongside the monthly capital repayment amount. All Offset products benefit from the ability to maybe take additional borrowing at the product rate (up to the Loan to Value limit of the product) and also the flexibility to change between reducing the amount owed on your mortgage or reducing your monthly payments.
Flexx for Term offers a variable rate for the term of the mortgage. This rate is set independently of Standard Variable Rate and the Bank of England Base Rate. The mortgage benefits from the ability to make unlimited overpayments without incurring early repayment charges and additional borrowing may be available at the same rate (up to the Loan to Value limit of the product).
This product is portable and can be transferred from the existing property to a new property.
Payment holidays may be allowed on this product, please call us for more information.
If the mortgage is paid off before the end of the agreed term, a £125 mortgage exit fee will be payable, plus any applicable early repayment charges.
Application and valuation fees (where applicable) are payable on application, and are non-refundable. The application will not be processed until these fees are received. This means the product is not reserved and a valuation will not be instructed.
We will instruct one valuation (up to a maximum of £670) once we've reviewed your application. Fees will apply if the valuation costs more than £670. The valuation is for our benefit only and used to confirm whether we can lend on the property. It's important to remember that we decide the type of valuation most appropriate to the application; therefore a physical inspection of the property may not be required.
When transferring an existing mortgage, our Remortgage Transfer Service will make moving your mortgage to us even easier. For full details of what's included, please see below.
Launch date 31.08.18
To help understand the typical cost of this mortgage, please see the representative example below.
Representative example - (This is not an illustration and should only be used as an example)
A mortgage of £110,000.00 starting on 01.12.19 payable over 25 years on our variable rate, currently 2.19% (variable) would require 299 monthly payments of £481.75, plus one initial interest payment of £206.86.
The total amount payable would be £144,373.83 made up of the loan amount plus interest of £31,939.83, a valuation fee of £210.00, a product fee of £999.00 and a funds transfer fee of £8.00.
The overall cost for comparison is 2.3% APRC representative.
Find out how much you could borrow with one of our mortgages. It will take about 10 minutes to complete and you’ll need the following information:
Your income for the last three years (regular salary/wages, bonuses, overtime, allowances).
Any credit commitments you have (Loans/student loans, pension payments, credit and store cards, family commitments; school fees, child maintenance, child care).
The calculator will provide an estimate of what we could lend you based on the information you have entered. Please note this is for guidance purposes only.