Rates have been cut on its range of three-year and five-year deals with a three-year fix from as little as 4.89% (5.8% APR). A five-year fix is available with rates from 5.09% (5.8% APR).
Other key features include:
No Mortgage Indemnity Guarantee charge.
Daily interest method of calculation for capital repayments.
No early repayment charges after the fixed rate period.
Choose either a repayment or interest only mortgage.
Nick Williams, head of marketing at The Derbyshire, says: “These new fixed rate deals... will be extremely attractive to borrowers looking to ‘lock in’ for a number of years, gaining peace of mind that their monthly outgoings will remain the same whatever happens to interest rates during that time.”
The three-year rates are fixed until 31 October, 2005, and the five-year rates are fixed until 31 October, 2007.
The rates are:
Three-year fixed rate, up to 80% LTV, is 4.89% (5.8% APR).
Three-year fixed rate, from more than 80% to 90% LTV, is 5.29% (5.9% APR).
Three-year fixed rate, from more than 90% to 95% LTV, is 5.59% (5.9% APR).
Five-year fixed rate, up to 80% LTV, is 5.09% (5.8% APR).
Five-year fixed rate, from more than 80% to 90% LTV, is 5.49% (5.9% APR).
Five-year fixed rate, from more than 90% to 95% LTV, is 5.79% (6.0% APR).
Early repayment charges on the three-year deals are:
To 31.10.03 - 3% of the amount repaid
1.11.03 to 31.10.04 -2% of the amount repaid
1.11.04 to 31.10.05 - 1% of the amount repaid
Early repayment charges on the five-year deals are:
To 31.10.04 - 4% of the amount repaid
1.11.04 to 31.10.05 - 3% of the amount repaid
1.11.05 to 31.10.06 - 2% of the amount repaid
1.11.06 to 31.10.07 - 1% of the amount repaid
There is an application fee of £245 for qualifying existing members and £295 for other applicants. Of this, £75 is payable up front and is non-refundable. The balance is paid on completion or can be added to the loan. A standard valuation fee is charged on these fixed rate deals.
