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First Time Buyer Members' Fixed Rate Mortgage - FTM55

Product nameFirst Time Buyer Members 2.59% Fixed rate to 30.06.23
Current rate2.59%
Term2.59% Fixed rate to 30.06.23

Followed by Privilege Rate (variable) for the remainder of the mortgage, currently 4.49%

Overall cost for comparison
3.8% APRC
  • Application fee: None
  • Product fee: None
  • Mortgage exit fee: £125
  • Funds transfer fee: £8
  • One standard valuation included for properties up to the value of £1,000,000
  • £500 cashback will be sent upon completion of the mortgage
Early repayment charges

5.00% of the balance repaid until 30.06.19, then 3.00% until 30.06.21, then 1.00% until 30.06.23

You can repay up to 10% of the capital p.a. without an early repayment charge

Maximum loan to value 90%
Interest chargedDaily

Your home may be repossessed if you do not keep up repayments on your mortgage.


The First Time Members' Mortgage is available to applicants buying their first property who have held a savings or current account with us for the last three years, or if a parent/grandparent/guardian/close relative has held a mortgage, savings or current account with us consecutively for the last three years.

Product Information

Fixed rates offer security - the interest rate on the mortgage won't change for an initial period, so the monthly payments will remain the same during this time regardless of whether interest rates rise or fall.

Privilege Rate

The Privilege Rate (variable) is only available to existing borrowers, with an owner-occupier mortgage, who have remained on the same mortgage product and/or the Society's Standard Variable Rate (SVR) for a total period of five years or more. The Privilege Rate, is set independently of, but will not be higher than, the Standard Variable Rate.


This product is portable and can be transferred from the existing property to a new property.

Mortgage Exit Fee

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

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'll automatically instruct one standard mortgage valuation (up to a maximum of £670). Fees will apply if the valuation costs more than £670. If an independent Homebuyer's Report is instructed instead, we will discount the cost of this by the amount of the standard mortgage valuation (up to a maximum £670).


The cashback incentive (if applicable) will be paid into the specified account from the application form and will be paid via faster payment within 30 days of the mortgage completing.

Additional Notes

Launch date 09.03.18