For loans up to 80%† of property value
|Product name||Residential fixed rate - 5 years Interest Only|
|Initial rate expires on|
31st March 2024
|Rate thereafter||Standard Variable Rate, currently |
|Overall cost for comparison||4.5% APRC|
|Option to add arrangement fees to mortgage||Yes the arrangement fee can be added to the loan, provided the total borrowing does not exceed the maximum LTV for the product type|
Available for purchase and remortgage, new applications and product transfer. Applicants must be aged 18 or over. All loans are subject to status. Security will be required
Where any part of the mortgage is Interest Only this product is only available for properties in London & South East^. Available for purchase and remortgage, new applications and product transfer. Applicants must be aged 18 or over. All loans are subject to status. Security will be required.
^London & South East defined as: Greater London (post codes starting E, EC, N, NW, SE, SW, W, WC, BR, CR, DA, EN, HA, IG, KT, RM, SM, TW, or UB), Berkshire, Buckinghamshire, East Sussex, Hampshire, Isle of Wight, Kent, Oxfordshire, Surrey, West Sussex.
|Maximum loan amount||£2,000,000 - maximum LTV 80% (no more than 75% LTV to be Interest Only)|
|Maximum loan to value||80%†|
|Minimum loan amount||£1,000,001|
|Early repayment charge||5% in years one and two|
4% in year three
3% in year four
2% in year five
|Special offers||Remortgage: Legal fees and valuation paid for remortgages only #|
At the end of the discounted/fixed period you can make extra payments or repay your whole mortgage without penalty.
# The switching package is only available to applicants moving their mortgage from another lender. If the property is unencumbered, a free valuation is available. Free valuations are available on properties worth £2m, or less. Optima Legal Services will charge a funds transfer fee of £42 to applicants who use the switching package. When using products available for mortgages over £1m which benefit from the switching package incentive, the switching package is enhanced to allow one free valuation for properties worth £3m or less (standard free legals remain limited to properties worth £2m or less).