Highlights from the new range include, a 5-year fixed-rate Cashback mortgage at 6.74% (typical APR 7.1% variable); and a new 3-year fixed-rate Buy to Let mortgage at 5.99% (typical APR 6.9% variable).
Speaking about the new products John Cooke, Mortgage Marketing Manager, commented, “A rate change is an ideal time to review our mortgage portfolio and the new products mean that we can offer applicants a choice of products to meet almost every need”.
Details of all withdrawn products are shown in the Editor’s Notes section.
Further details on the above new products, As well as details on other new mortgages the Society has introduced are as follows:
Two new Fixed-Rate products as follows:
Interest Rate Fixed Rate Period Until Maximu-m Loan to Value
(See note 1) Arrange-ment Fee (See Note 2) Administr-ation Fee (See Note 3) Min/Max Loan Early Repayment Charge (See note 4) Free Legal Fees or £200 contribution (See note 5)#
5.49%
(Typical APR
6.7 % Variable) 1.10.07 95% £395 £245 £25,000/
£1,000,000 3% until
1.10.07 Yes
5.74%
(Typical APR
6.5% Variable) 1.10.09 95% £395 £245 £25,000/
£1,000,000 5% until
1.10.09 Yes
One new five year Fixed-Rate 6% Cashback product as follows:
Interest Rate Fixed Rate Period Until Maximu-m Loan to Value
(See note 1) Arrange-ment Fee (See Note 2) Administr-ation Fee (See Note 3) Min/Max Loan Early Repayment Charge (See note 4) Free Legal Fees or £200 contribution (See note 5)#
6.74%
(Typical APR
7.1% Variable) 1.10.09 95% £395 N/A £25,000/
£1,000,000 5% until
1.10.09 YES
Two new Fixed-Rate Buy to Let products as follows:
Interest Rate Fixed Rate Period Until Maximu-m Loan to Value
(See note 1) Arrange-ment Fee (See Note 2) Administr-ation Fee (See Note 3) Min/Max Loan Early Repayment Charge (See note 4)
5.99%
(Typical APR
6.9 % Variable) 1.10.07 80% £445 £245 £35,000/
£600,000 3% until
1.10.07
6.19%
(Typical APR
6.9 % Variable) 1.10.09 80% £445 £245 £35,000/
£600,000 5% until
1.10.09
One new 3-year Fee Free Discount Buy to Let product as follows:
Interest Rate Discount Rate Period Until Maximu-m Loan to Value
(See note 1) Arrange-ment Fee (See Note 2) Administr-ation Fee (See Note 3) Min/Max Loan Early Repayment Charge (See note 4) Free Legal Fees or £200 contribution (See note 5)#
5.99%
(Typical APR
7.2 % Variable) SEE NOTE + IN THE BOX DIRECTLY BELOW 80% N/A N/A £35,000/
£600,000 3% for 36 months YES
+ The Society’s Standard Variable Rate plus 0.25% for life of loan, less discount of 1% in year 1, 0.5% in year 2 and 0.25% in year 3
One new 2-year Fixed-Rate Self Certification mortgage as follows:
Interest Rate Fixed Rate Period Until Maximu-m Loan to Value
(See note 1) Arrange-ment Fee (See Note 2) Administr-ation Fee (See Note 3) Min/Max Loan Early Repayment Charge (See note 4)
6.29%
(Typical APR
7.0 % Variable) 1.10.06 85% £395 £245 £25,000/
£350,000 3% until
1.10.06
The Society is increasing their Standard Variable Rate by 0.25% from 6.49%, (typical APR 6.9% variable) to 6.74%, (typical APR 7.1% variable). This is in response to the recent increase in the Bank of England Base Rate on 5th August 2004. The new rate will come into effect for new borrowers from Friday 13th August 2004 and existing borrowers from 31st August 2004.
