Our Mortgage Rates and Features Guide for Remortgages

Transcription

1 Our Mortgage Rates and Features Guide for Remortgages This Mortgage Rates and Features Guide should be used in conjunction with our general Mortgage Guide which will give you more in depth information. This leaflet gives you the specific rates, features and prices of our current mortgage range to help you understand more about our remortgages. Important information Loans are subject to status and valuation, minimum age is 18 years and we only lend in England, Wales and Scotland. We require a first mortgage (also known as a first charge mortgage) for any loan. This means that the loan takes priority over any other borrowing secured on your property; if your property is sold the first mortgage will be paid off first. Please be aware that our mortgage products can be withdrawn without notice and funds will not be allocated to applicants until we have received a fully completed application form, any relevant s and supporting documentation. Mortgage offers are valid for six months (except additional borrowing offers which are valid for one month) and are not transferable to different properties. It is our practice to send the mortgage loan to your conveyancer by CHAPS and the charge of 6 will be payable. You can choose to add this to the loan, or to avoid incurring additional interest, you can pay this before the offer. Monthly payments must be paid in advance by Direct Debit on the 1st of each month. The interest rates quoted include a 0.25% Direct Debit discount. If the Direct Debit is cancelled, this discount is removed. Remember, this Mortgage Rates and Features Guide is only a starting point for finding out about the mortgages we offer. We provide mortgage advice to recommend the most appropriate mortgage product for you. Our Mortgage Specialists in Skipton Direct can give you further information or book you an appointment with a Mortgage Adviser. You can call them on Let us know what you think If you are not satisfied with our services we have an internal complaints procedure. For more information please call us on , ask in branch or visit The Financial Ombudsman Service provides a free and independent service for consumers, and can be contacted at The Financial Ombudsman Service, Exchange Tower, London E14 9SR. Telephone: YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. For more information Call: Visit: skipton.co.uk

2 Additional product details Fees can only be added to the loan to a maximum LTV of 95%. Where a maximum LTV of 95% is requested, the applicant must pay any product prior to offer. All loans are subject to affordability and current lending criteria. Minimum 50,000 valuation/purchase price (whichever is the lowest). Important : The products shown are those available through our Skipton Direct team. There may be other products available through intermediaries. These Skipton mortgages may be portable (where you transfer your mortgage to a new owner-occupied property). Please note, the Help to Equity Loan from the Homes and Communities Agency is not portable and would need to be repaid. Interest only mortgages are available through our interest only product range (max LTV 70%, not available to first time buyers). Please see the dedicated interest only rates and features guide on our website or contact us for more information. Please note, where separate interest rates apply for different LTVs, a change in your valuation or loan required may mean you are ineligible for the rate you originally applied for. In this instance you will be advised of the change and asked if you still wish to proceed with your application. Overpayments are only allowed without charge up to 10% of the original loan each year and cannot be rolled over. Overpayments over this amount may incur an Charge depending upon your product. For Additional Borrowing, the maximum mortgage term will not be longer than the remaining term on the primary mortgage account. The maximum amount you can borrow depends on your LTV ratio. Our maximum lending limits are shown below; - 0 to 500,000-90% LTV - 500,001 to 625,000-85% LTV - 625,001 to 750,000-80% LTV - 750,000 plus - 75% LTV Fees and charges Please refer to your Mortgage Illustration for information on the basis of which s payable, (whether paid upfront or added to the loan) are refundable. Where no applies or the ERC period has expired unlimited overpayments can be made. Legal s Some of our remortgages qualify for free standard legal s. There may be some additional legal costs payable where the loan is above 1,000,000. This offer is not available for Help to remortgages. Standard mortgage valuation s These are free for both purchases and remortgages except where the value of the property is more than 1.5m. The valuer s standard mortgage valuation report is for the benefit of the Society for mortgage purposes only and does not guarantee that the property is free from defects. Help to remortgage important notes Existing Help to customers will require approval from their appointed Home agent. term for the Help to equity loan is 35 years (from the date of the original loan). The Help to equity loan cannot last longer than the Skipton mortgage term. You cannot rent out your existing home and buy a second home through Help to. Help to mortgages must be repaid on a capital and interest basis. Help to customers wishing to take additional borrowing must first seek approval from their appointed Home agent. Help to is not available to assist to Let investors or those who will own any property other than their Help to property after completing their purchase. For full details of the scheme, refer to helptobuy.org.uk, scotland.gov.uk or wales.gov.uk Description of Abbreviations RMVR = Residential Mortgage Variable Rate RMVR was introduced on 14 November It is a different interest rate to the Society s Residential Standard Variable Rate (RSVR), although both are set by the Society. These two interest rates may change by different amounts and at different times. The RMVR does not have any ceiling. BoEBR = Bank of England Base Rate The interest rate at which the Bank of England will lend to the UK banking sector. ERC = Charge A charge that you will incur if you pay off your loan in part or in full within a pre-agreed period. LTV = Loan-to-Value The amount of a mortgage loan expressed as a percentage of the value of the property against which the loan will be secured. Skipton Building Society is a member of the Building Societies Association. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, under registration number , for accepting deposits, advising on and arranging mortgages and providing Restricted financial advice. Principal Office, The Bailey, Skipton, North Yorkshire BD23 1DN. Stock Code: _24/10/17

3 Fixed Rate Mortgages for Remortgages 2 Year Fixed Rate Mortgages for Remortgages Until 31/12/2019 the rate is fixed at 1.25 Until 31/12/2019 the rate is fixed at % APRC 60% 4.1% APRC 0 0 legal s except Help to. Until 31/12/2019 the rate is fixed at % APRC 70% 0 0 legal s except Help to. Until 31/12/2019 the rate is fixed at % APRC 75% 0 0 legal s except Help to. Until 31/12/2019 the rate is fixed at % APRC 80% 0 0 legal s except Help to. Until 31/12/2019 the rate is fixed at 1.76 Until 31/12/2019 the rate is fixed at % APRC 85% 4.4% APRC 0 0 legal s except Help to. Until 31/12/2019 the rate is fixed at 2.49 Until 31/12/2019 the rate is fixed at % APRC 90% 4.5% APRC 0 0 legal s except Help to. A representative example for a 2 Year Fixed Rate Mortgage for Remortgages. The 4.5% APRC is calculated based on the following: A repayment mortgage of 125,000 payable over 27 years and 1 months, initially on a rate fixed until 31/12/2019 at 2.89% and then our RMVR variable rate currently % for the remaining term would require 24 monthly payments of and 300 monthly payments of followed by a final payment of The total amount payable would be 215, made up of the loan amount plus interest and CHAPS of 6. The

4 Fixed Rate Mortgages for Remortgages 5 Year Fixed Rate Mortgages for Remortgages Until 31/12/2022 the rate is fixed at 1.79 Until 31/12/2022 the rate is fixed at % APRC 0 1, % APRC 60% legal s except Help to Until 31/12/2022 the rate is fixed at % APRC 0 0 Until 31/12/2022 the rate is fixed at 1.85 Until 31/12/2022 the rate is fixed at % APRC 0 1,995 70% 3.6% APRC legal s except Help to Until 31/12/2022 the rate is fixed at 1.99 Until 31/12/2022 the rate is fixed at % APRC 75% 3.8% APRC 0 0 legal s except Help to Until 31/12/2022 the rate is fixed at % APRC 80% 0 0 legal s except Help to Until 31/12/2022 the rate is fixed at 2.47 Until 31/12/2022 the rate is fixed at % APRC 85% 4.0% APRC 0 0 legal s except Help to Until 31/12/2022 the rate is fixed at % APRC 90% 0 0 legal s except Help to A representative example for a 5 Year Fixed Rate Mortgage for Remortgages. The 4.3% APRC is calculated based on the following: A repayment mortgage of 125,000 payable over 27 years and 1 months, initially on a rate fixed until 31/12/2022 at 3.29% and then our RMVR variable rate currently % for the remaining term would require 60 monthly payments of and 264 monthly payments of followed by a final payment of The total amount payable would be 211, made up of the loan amount plus interest and CHAPS of 6. The

5 Fixed Rate Cashback Mortgages These products do not include free legal s. 2 Year Fixed Rate Mortgages with Cashback Until 31/12/2019 the rate is fixed at % APRC 60% 0 0 Free standard mortgage 500 cashback after completion. Minimum loan size 70k. Until 31/12/2019 the rate is fixed at % APRC 75% Free standard mortgage 500 cashback after completion. Minimum loan size 70k. Until 31/12/2019 the rate is fixed at 1.85 Until 31/12/2019 the rate is fixed at % APRC 85% 4.4% APRC 0 0 Free standard mortgage 500 cashback after completion. Minimum loan size 70k. Until 31/12/2019 the rate is fixed at % APRC 90% 0 0 Free standard mortgage 500 cashback after completion. Minimum loan size 70k. A representative example for a 2 Year Fixed Rate Cashback Mortgage for Remortgages. The 4.5% APRC is calculated based on the following: A repayment mortgage of 125,000 payable over 27 years and 1 months, initially on a rate fixed until 31/12/2019 at 2.85% and then our RMVR variable rate currently % for the remaining term would require 24 monthly payments of and 300 monthly payments of followed by a final payment of The total amount payable would be 215, made up of the loan amount plus interest, CHAPS of 6 and Additional Insurance charge of 10. Borrowing The interest rates quoted include a 0.25% direct debit discount.

6 Base Rate Tracker Variable Mortgages. 2 Year Base Rate Tracker Variable Mortgages While based on BoEBR, any rate change will come into effect 14 days after a BoEBR change. Early Rate Repayment Floor 0.25%, plus 0.74% giving a current pay 0.25%, plus 0.95% giving a current pay % APRC 60% None 4.0% APRC % for 2 years from date of completion A free standard mortgage Free standard legal s for remortgages While based on BoEBR, pay rate will never fall below 0.75% 0.25%, plus 1.03 % giving a current pay 0.25%, plus 1.14% giving a current pay % APRC 75% None 4.2% APRC % for 2 years from date of completion A free standard mortgage Free standard legal s for remortgages While based on BoEBR, pay rate will never fall below 0.75% 0.25%, plus 1.40% giving a current pay 0.25%, plus 1.55% giving a current pay % APRC 85% None 4.3% APRC % for 2 years from date of completion A free standard mortgage Free standard legal s for remortgages While based on BoEBR, pay rate will never fall below 0.75% 0.25%, plus 1.61% giving a current pay 0.25%, plus 1.74% giving a current pay % APRC 90% None 4.4% APRC % for 2 years from date of completion A free standard mortgage Free standard legal s for remortgages While based on BoEBR, pay rate will never fall below 0.75% A representative example for a 2 Year Base Rate Tracker Variable Mortgage The 4.4% APRC is calculated based on the following: A repayment mortgage of 180,000 payable over 31 years and 9 months, for 2 years on a variable rate based on BoEBR +1.74%, giving a pay 1.99% and then our RMVR variable rate currently % for the remaining term would require 24 monthly payments of and 356 monthly payments of followed by a final payment of The total amount payable would be 334,957.36, made up of the loan amount plus interest and CHAPS of 6. The

7 Fixed Rate Mortgages for Additional Borrowing 2 Year Fixed Rate Mortgages for Additional Borrowing Until 28/02/2020 the rate is fixed at % APRC 75% 0 0 2% until 28/02/2019 1% until 28/02/2020 See Important Until 28/02/2020 the rate is fixed at % APRC 90% 0 0 2% until 28/02/2019 1% until 28/02/2020 See Important A representative example for a 2 Year Fixed Rate Mortgage for additional borrowing. The 4.6% APRC is calculated based on the following: A repayment mortgage of 35,000 payable over 22 years and 8 months, initially on a rate fixed until 28/02/2020 at 3.49% and then our RMVR variable rate currently % for the remaining term would require 24 monthly payments of and 247 monthly payments of followed by a final payment of The total amount payable would be 56, made up of the loan amount plus interest and CHAPS of 6. The interest rates quoted include a 0.25% Direct Debit discount. 3 Year Fixed Rate Mortgages for Additional Borrowing Until 28/02/2021 the rate is fixed at % APRC 75% 0 0 3% until 28/02/2019 2% until 28/02/2020 1% until 28/02/2021 See Important Until 28/02/2021 the rate is fixed at % APRC 90% 0 0 3% until 28/02/2019 2% until 28/02/2020 1% until 28/02/2021 See Important A representative example for a 3 Year Fixed Rate Mortgage for additional borrowing. The 4.5% APRC is calculated based on the following: A repayment mortgage of 35,000 payable over 22 years and 8 months, initially on a rate fixed until 28/02/2021 at 3.61% and then our RMVR variable rate currently % for the remaining term would require 36 monthly payments of and 235 monthly payments of followed by a final payment of The total amount payable would be 55, made up of the loan amount plus interest and CHAPS of 6. The interest rates quoted include a 0.25% Direct Debit discount. 5 Year Fixed Rate Mortgages for Additional Borrowing Until 28/02/2023 the rate is fixed at % APRC 75% 0 0 5% until 28/02/2020 4% until 28/02/2021 3% until 28/02/2022 2% until 28/02/2023 See Important Until 28/02/2023 the rate is fixed at % APRC 90% 0 0 5% until 28/02/2020 4% until 28/02/2021 3% until 28/02/2022 2% until 28/02/2023 See Important A representative example for a 5 Year Fixed Rate Mortgage for additional borrowing. The 4.5% APRC is calculated based on the following: A repayment mortgage of 35,000 payable over 22 years and 8 months, initially on a rate fixed until 28/02/2023 at 3.99% and then our RMVR variable rate currently % for the remaining term would require 60 monthly payments of and 211 monthly payments of followed by a final payment of The total amount payable would be 55, made up of the loan amount plus interest and CHAPS of 6. The interest rates quoted include a 0.25% Direct Debit discount. Base Rate Tracker Variable Rate Mortgage for Additional Borrowing 3 Year Discounted Mortgage for Additional Borrowing Rates % While based on BoEBR, any rate change will come into effect 14 days after a BoEBR change. Early Repayment Charge (ERC) Over payments Product Floor For 3 years based on BoEBR, currently 0.25%, plus 3.74% giving a current pay % APRC 60% 0 0 None Unlimited Existing customers only While based on BoEBR, pay rate will never fall below 1.00% A representative example for a 3 Year Discounted Variable Rate Mortgage for additional borrowing. The 4.6% APRC is calculated based on the following: A repayment mortgage of 35,000 payable over 22 years and 8 months, for 3 years on a variable rate based on BoEBR +3.74%, giving a pay 3.99% and then our RMVR variable rate currently % for the remaining term would require 36 monthly payments of and 235 monthly payments of followed by a final payment of The total amount payable would be 56, made up of the loan amount plus interest and CHAPS of 6. The

8 Fixed Rate Help to Mortgages 2 Year Fixed Rate Help to Mortgages Until 31/01/2020 the rate is fixed at % APRC 75% 0 0 2% until 31/01/2019 1% until 31/01/2020 Free standard valuation & 1,000 cashback after completion Available for remortgage Minimum loan 100,000 A representative example for a 2 Year Fixed Rate Help to Mortgage. The 4.5% APRC is calculated based on the following: A repayment mortgage of 150,000 payable over 27 years and 6 months, initially on a rate fixed until 31/01/2020 at 2.57% and then our RMVR variable rate currently % for the remaining term would require 24 monthly payments of and 305 monthly payments of followed by a final payment of The total amount payable would be 259, made up of the loan amount plus interest and CHAPS of 6. The 3 Year Fixed Rate Help to Mortgages Until 31/01/2021 the rate is fixed at % APRC 75% 0 0 3% until 31/01/2019 2% until 31/01/2020 1% until 31/01/2021 Free standard valuation & 1,000 cashback after completion Available for remortgage Minimum loan 100,000 A representative example for a 3 Year Fixed Rate Help to Mortgage. The 4.3% APRC is calculated based on the following: A repayment mortgage of 150,000 payable over 27 years and 6 months, initially on a rate fixed until 31/01/2021 at 2.68% and then our RMVR variable rate currently % for the remaining term would require 36 monthly payments of and 293 monthly payments of followed by a final payment of The total amount payable would be 256, made up of the loan amount plus interest and CHAPS of 6. The 5 Year Fixed Rate Help to Mortgages Until 31/01/2023 the rate is fixed at % APRC 75% 0 0 5% until 31/10/2020 4% until 31/10/2021 3% until 31/10/2022 2% until 31/10/2023 Free standard valuation & 1,000 cashback after completion Available for remortgage Minimum loan 100,000 A representative example for a 5 Year Fixed Rate Help to Mortgage. The 4.1% APRC is calculated based on the following: A repayment mortgage of 150,000 payable over 27 years and 6 months, initially on a rate fixed until 31/01/2023 at 2.85% and then our RMVR variable rate currently % for the remaining term would require 60 monthly payments of and 269 monthly payments of followed by a final payment of The total amount payable would be 251, made up of the loan amount plus interest and CHAPS of 6. The