Product Features

Overpayments

An overpayment is a payment in addition to a normal monthly payment and can be made at any time. During the Early Repayment Charge period overpayments of up to 20% on products with ERCs of less than 5 years, 15% on products with ERCs from 5 up to 10 years, and 10% on products with ERCs of 10 years or greater, of the original advance can be made without an early repayment charge.

Underpayments

An underpayment is any payment that is less than the normal monthly mortgage payment or a nil payment. Underpayments can be made up to the extent of any previously accrued overpayment (when not used to reduce the mortgage term). Underpayments require one month’s notice and our approval.

Payment Holidays

A payment holiday is an agreed period of time when you can take a break from making payments. A payment holiday can be made up to the extent of any previously accrued overpayment (when not used to reduce the mortgage term). Underpayments require one month’s notice and our approval.

Portability

Allows the mortgage to be transferred to another property. This feature is subject to our lending criteria at the time. (Conditions apply when choosing this option).

Fee Free Legals

This feature is available for standard re-mortgages on properties in England and Wales. The fee free legal work relates to our legal fees and disbursements carried out by our chosen legal advisers, which fees are usually paid by the customer. The solicitors we choose will only act for us. They will undertake limited checks on the title to the Property to ensure we, as the mortgage lender, are protected.

The customer may have to pay additional fees depending on loan size and personal circumstances. For example, Land Registry fees in excess of £70, adding or removing someone to or from the Property and the Mortgage.

Monthly Interest

Interest is calculated on a monthly basis.

Interest Rate Changes - Tracker Products

A change to the Bank of England base rate will see the new rate become effective seven days from the date of the base rate change. The minimum variable charge rate during the life of the loan will be 3%.

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