6.75% Discount Rate Semi-Commercial Rate Switch - Max LTV 70%
IF YOU FAIL TO KEEP UP WITH PAYMENTS ON YOUR MORTGAGED PROPERTY (WHICH MAY BE YOUR HOME) A ‘RECEIVER OF RENT’ MAY BE APPOINTED AND/OR YOUR PROPERTY MAY BE REPOSSESSED.
| Period of Loan | Rate Payable |
| Months 1-24 |
Initial Variable Rate, Currently: 6.75% (1.64% discount) The interest rate will not go below a floor rate of 3.50% |
| Month 25 onwards |
Standard Variable Rate, Currently: 8.39% |
| Overall cost for comparison | 8.3% APRC |
D621
0.50%
70% LTV
No Minimum Loan Size
Maximum loan size: £1,000,000 for any single property or £3,000,000 aggregate lending over a maximum of 3 properties
Mixed Repayment/ Interest only mortgages will be considered.
During the first 2 years any additional amount repaid above the 10% permitted will be subject to an Early Repayment Charge of 3% of the amount repaid.
Regular overpayments are not permitted during the life of the product. Regular overpayments are amounts collected with, and in addition to, your monthly mortgage payments. You can make capital repayments during the life of the product of up to 10% of the balance outstanding when the product was taken out without incurring an Early Repayment Charge. However, any additional amount repaid above the annual 10% permitted will be subject to an Early Repayment Charge. Following receipt of a lump sum payment, the amount of capital you owe will be re-calculated and the amount of interest you pay will be reduced immediately.
None
- The maximum Loan to Value is the amount of a mortgage loan expressed as a percentage of the value of the property against which the loan will be secured.
- These terms may be transferred to any new loan up to the amount of this loan, provided it is used for Semi-Commercial purposes, completes at the same time as redemption of this loan and you still meet the Society’s lending criteria at that time. If the new loan is for less than this loan or you do not transfer these terms, an Early Repayment Charge calculated at 3% of the amount repaid in years 1 & 2 is payable on the difference between the amount of this loan and the amount transferred. All loans must be secured on a residential property within England & Wales. The loan to value must be no greater than 70%.
- For loans greater than £1,000,000 please contact us.
- Mortgage interest is calculated on a daily basis.
- Our Tariff of Mortgage Charges gives details of the charges payable in connection with mortgage applications and additional administration following completion of your loan.
- Loans available to persons aged 21 or over and are subject to status and valuation of a suitable property, over which security will be required. All lending will be subject to appraisal of the financial standing of the applicants.
Representative example:
A mortgage of £106,913.57 payable over 16 years and 9 months initially on a variable discount rate for 2 years at 6.75% and then on our current standard variable rate of 8.39% for the remaining 14 years and 9 months, would require 24 monthly payments of £889.44 and 177 monthly payments of £982.03.
The total amount payable would be £195,700.44 made up of the loan amount plus interest (£88,252.30) and 0.50% Product Fee, payable to Monmouthshire Building Society on completion. (£534.57).
The overall cost for comparison is 8.3% APRC representative.
