Standard Variable Rate Mortgage
We believe in keeping things simple, so we are pleased to introduce our Standard Variable Rate Mortgage with no arrangement fee. We want to make applying for your mortgage as stress free as possible by providing a friendly, efficient and reliable service. Every application is assigned to one of our experienced Mortgage Advisers who will personally assist you through the process, whether buying your first home or re-mortgaging. Our mortgages are exclusively available to our members.
Your home may be repossessed if you do not keep up repayments on your mortgage.
How it works
This is our most flexible mortgage product in terms of early repayments and over-payments. Not only does this product have no arrangement fee, but it also has no early repayment or over-payment charges. This allows you to repay your mortgage as fast as you wish, without being penalised to do so.
The interest rate on this mortgage is variable. Reviews of the standard variable rate will take place every month. Any amendment to the interest rate following the review will apply from the first day of the following month.
|Product||Interest rate||The overall rate for comparison is||Arrangement fee||Early Repayment Charge|
|Standard Variable Rate||4.5%||4.6% APR*||None||None|
*The actual rate available will depend upon your circumstances. Ask for a personalised illustration.
|Mortgage amount||Maximum mortgage term||Loan to Value (maximum)||Over-payment charge||Repaying your mortgage|
|£25,000 up to a maximum of £500,000||25 years||Up to 90%||None||You can repay through Payroll Deduction or Direct Debit|
Loan to Value Breakdown
This breakdown allows you to work out how much of a deposit you will need to go towards your mortgage, depending on the amount you wish to borrow. The Loan to Value is the percentage of the amount we will lend to you, in relation to the amount the property is worth.
An example following the guidelines below, if you buy a house worth £200,000 we could lend you up to 90% of the property worth (£180,000), and you would need at least £20,000 as a mortgage deposit.
|Amount Borrowed||£25,000 – £300,000||Over £300,000 – £400,000||Over £400,000 – £500,000|
|Loan to Value (maximum)||Up to 90%||Up to 80%||Up to 70%|
What you need to know
All mortgages are individually assessed by one of our Mortgage Advisers on your ability to repay. Once your mortgage has been approved we will need a valuation of the property to be carried out by a surveyor of our choice. You must remember to take the cost of the valuation into account as it will be required at the start of the process and is non-refundable in the event of your mortgage not completing. For more information about surveys, please click here.
A solicitor of your choice will have to be appointed to deal with the legal process and the cost will vary depending on your chosen solicitor and the individual property.
We also have our full Tariff of Charges available on our website.
How to apply
You can request a call back by clicking on the button below, this allows you to choose a suitable time and date for us to call you. When we get in contact we will arrange a mortgage telephone interview with one of our qualified Mortgage Advisers who will assess your circumstances in order to advise and make a suitable recommendation.
Alternatively you can contact us at any time during our office hours on 0161 741 3160.