Our Mortgage Rates and Features Guide for New Purchase Mortgages

Transcription

1 Mortgages Our Mortgage Rates and Features Guide for New Purchase Mortgages 21 June 2016 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current range to help you understand more about our s. Important Information Please be aware that our products can be withdrawn without notice and funds will not be allocated to applicants until we have received a fully completed application form, any relevant fees and supporting documentation. Please note all offers are valid for six months and are not transferable to different properties. 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. The Society requires a first for any loan. Loans are subject to status and. Minimum age 18 years. It is our practice to send the 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. Remember, this Mortgage Rates and Features Guide is only a starting point for finding out about the s we offer. We provide advice to recommend the most appropriate for you. For further information please speak to one of our Mortgage Specialists in Skipton Direct. 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.

2 Additional product details Fees can only be added to the loan to the maximum of 95%. Where a maximum LTV of 95% is requested, the applicant must pay any product fee prior to offer. All loans are subject to affordability and current lending criteria. Minimum /purchase price 50,000 (whichever is the lowest). Important : 1. The products shown are those available through our Skipton Direct team. There may be other products available through intermediaries. 2. These Skipton s may be portable (where you transfer your to a new owner-occupied property). Please note, the Help to Buy Equity Loan from the Homes and Communities Agency is not portable and would need to be repaid. 3. Please refer to your Mortgage Illustration for information on the basis of which fees payable, (whether paid up-front or added to the loan) are refundable. 4. If you want to take out an interest only, the maximum LTV is 70%. We will lend up to 80% LTV if at least 10% of the LTV is on a capital and interest repayment basis. If you wish to borrow more than 80% LTV, we will only lend on a capital and interest repayment basis. 5. If you require a Homebuyers Report or Buildings Survey then the additional cost associated with this report will be incurred by you. Selected home purchases also qualify for a free, please check your Mortgage Illustration for full details. available to a maximum of one application per applicant(s). 6. Please note, where separate interest rates apply for different LTVs, a change in your 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. 7. Where no applies or the ERC period has expired interest to the end of the month of redemption is payable on redemption, and unlimited overpayments can be made. 8. 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. 9. For Additional Borrowing, the maximum term will not be longer than the remaining term on the primary account. 10. For first time buyers, products are only available on a repayment (capital and interest) basis. Minimum 12 months of continuous employment is required. 11 The maximum amount you can borrow depends on your LTV ratio. Our maximum lending limits are shown below; - up to 75% LTV - 1,000,000 - up to 80% LTV - 750,000 - up to 85% LTV - 500,000 - up to 95% LTV - 300,000 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 (see note 8 for overpayments). LTV = Loan-to-Value The amount of a loan expressed as a percentage of the value of the property against which the loan will be secured. Standard Mortgage Valuation fees These are free except where the value of the property is more than 1.5m. The valuer s standard report is for the benefit of the Society for purposes only and does not guarantee that the property is free from defects. You may require a Home Buyers Report or full Buildings Survey if you are purchasing a property. Please ask a adviser for details. A higher charge is payable for this type of, which is a contract directly between you and the valuer (see also note 5). Help to Buy Important term for the Help to Buy equity loan is 35 years. The Help to Buy equity loan cannot last longer than the Skipton term. You cannot rent out your existing home and buy a second home through Help to Buy. Help to Buy s must be repaid on a capital and interest basis. Help to Buy wishing to take additional borrowing must first seek approval from their appointed Home Buy agent. The property purchased must be your only residence. Help to Buy is not available to assist Buy to Let investors or those who will own any property other than their Help to Buy property after completing their purchase. For full details of the scheme, refer to helptobuy.org.uk, scotland. gov.uk or wales.gov.uk

3 Fixed Rate Mortgages 2 Year Fixed Rate Mortgages For New Purchases Until 30/09/2018 the rate is fixed at 1.49 Until 30/09/2018 the rate is fixed at % APRC 60% 4.3% APRC 0 0 Until 30/09/2018 the rate is fixed at 1.65 Until 30/09/2018 the rate is fixed at % APRC 70% 4.5% APRC 0 0 Until 30/09/2018 the rate is fixed at 1.72 Until 30/09/2018 the rate is fixed at % APRC 75% 4.6% APRC 0 0 Until 30/09/2018 the rate is fixed at 1.79 Until 30/09/2018 the rate is fixed at % APRC 80% 4.5% APRC 0 0 Until 30/09/2018 the rate is fixed at 1.94 Until 30/09/2018 the rate is fixed at % APRC 85% 4.6% APRC 0 0 Until 30/09/2018 the rate is fixed at 2.45 Until 30/09/2018 the rate is fixed at % APRC 90% 4.7% APRC 0 0 Not available to A representative example for a 2 Year Fixed Rate Mortgage New Purchases. The 4.7% APRC is calculated based on the following: A repayment of 215,000 payable over 29 years and 8 months, initially on a rate fixed until 30/09/2018 at 2.45% and then our RMVR variable rate currently % for the remaining term would require 24 monthly payments of and 331 monthly payments of 1, followed by a final payment of The total amount payable would be 400, made up of the loan amount plus interest, fee 995, CHAPS fee of 6 and Insurance charge of 10. The interest rates quoted include a 0.25% Direct Debit discount.

4 Fixed Rate Mortgages 5 Year Fixed Rate Mortgages For New Purchases Until 30/09/2021 the rate is fixed at % APRC Until 30/09/2021 the rate is fixed at % APRC 60% Until 30/09/2021 the rate is fixed at % APRC 0 0 Until 30/09/2021 the rate is fixed at % APRC Until 30/09/2021 the rate is fixed at % APRC 70% Until 30/09/2021 the rate is fixed at % APRC 0 0 Until 30/09/2021 the rate is fixed at % APRC Until 30/09/2021 the rate is fixed at % APRC 75% Until 30/09/2021 the rate is fixed at % APRC 0 0 Until 30/09/2021 the rate is fixed at % APRC Until 30/09/2021 the rate is fixed at % APRC 80% Until 30/09/2021 the rate is fixed at % APRC 0 0 Until 30/09/2021 the rate is fixed at % APRC Until 30/09/2021 the rate is fixed at % APRC 85% Until 30/09/2021 the rate is fixed at % APRC 0 0 Until 30/09/2021 the rate is fixed at % APRC Until 30/09/2021 the rate is fixed at % APRC 90% Not available to Until 30/09/2021 the rate is fixed at % APRC 0 0 A representative example for a 5 Year Fixed Rate Mortgage New Purchases. The 4.5% APRC is calculated based on the following: A repayment of 260,000 payable over 29 years and 5 months, initially on a rate fixed until 30/09/2021 at 3.08% and then our RMVR variable rate currently % for the remaining term would require 60 monthly payments of 1, and 292 monthly payments of 1, followed by a final payment of The total amount payable would be 471, made up of the loan amount plus interest, fee 1,995, CHAPS fee of 6 and Insurance charge of 10. The interest rates quoted include a 0.25% Direct Debit discount.

5 Discounted Variable Rate Mortgages 2 Year Discounted Rate Mortgages Early Repayment For 2 Years a 3.24% discount off our RMVR giving a current pay rate of % APRC 60% % for 2 years New Build For 2 Years a 3.10% discount off our RMVR giving a current pay rate of % APRC 75% % for 2 years New Build For 2 Years a 2.85% discount off our RMVR giving a current pay rate of % APRC 80% % for 2 years New Build For 2 Years a 2.70% discount off our RMVR giving a current pay rate of % APRC 85% % for 2 years New Build For 2 Years a 2.10% discount off our RMVR giving a current pay rate of % APRC 90% % for 2 years Not available to A representative example for a 2 Year Discounted Variable Rate Mortgage New Purchases. The 4.7% APRC is calculated based on the following: A repayment of 160,000 payable over 28 years and 3 months, initially on a discounted rate for 2 years at 2.89% Variable (Discount of 2.10% off our RMVR) and then our RMVR variable rate currently % for the remaining term would require 24 monthly payments of and 314 monthly payments of followed by a final payment of The total amount payable would be 289, made up of the loan amount plus interest, CHAPS fee of 6 and Insurance charge of 10. The interest rates quoted include a 0.25% Direct Debit discount. Mortgages 2 Year Fixed Rate Mortgages For Until 31/08/2018 the rate is fixed at % APRC 90% Until 31/08/2018 the rate is fixed at % APRC 90% 0 0 A representative example for a 2 Year Fixed Rate Mortgage New Purchases. The 4.8% APRC is calculated based on the following: A repayment of 215,000 payable over 29 years and 8 months, initially on a rate fixed until 31/08/2018 at 2.85% and then our RMVR variable rate currently % for the remaining term would require 24 monthly payments of and 331 monthly payments of 1, followed by a final payment of The total amount payable would be 402, made up of the loan amount plus interest, fee 995, CHAPS fee of 6 and Insurance charge of 10. The interest rates quoted include a 0.25% Direct Debit discount. 5 Year Fixed Rate Mortgages For Until 31/08/2021 the rate is fixed at % APRC 90% Until 31/08/2021 the rate is fixed at % APRC 90% 0 0 A representative example for a 5 Year Fixed Rate Mortgage New Purchases. The 4.7% is calculated based on the following: A repayment of 170,000 payable over 28 years and 11 months, initially on a rate fixed until 31/08/2021 at 3.99% and then our RMVR variable rate currently % for the remaining term would require 60 monthly payments of and 286 monthly payments of followed by a final payment of The total amount payable would be 310, made up of the loan amount plus interest, CHAPS fee of 6 and Insurance charge of 10. The interest rates quoted include a 0.25% Direct Debit discount.

6 Additional Borrowing 2 Year Fixed Rate Mortgages Until 30/09/2018 the rate is fixed at 3.65 changing to our Residential Mortgage Variable Rate (RMVR), currently 5.2% APRC 75% 0 0 For existing only. See note 9 Until 30/09/2018 the rate is fixed at 4.89 For the remainder of the term of the Mortgage, 5.5% APRC 90% 0 0 For existing only. See note 9 A representative example for a 2 Year Fixed Rate Mortgage for additional borrowing. The 5.5% APRC is calculated based on the following: A repayment of 35,000 payable over 22 years and 3 months initially on a rate fixed until 30/09/2018 at 4.89% and then our RMVR variable rate currently % for the remaining term would require 24 monthly payments of and 242 monthly payments of followed by a final payment of The total amount payable would be 60, made up of the loan amount plus interest, Valuation fee of 60, CHAPS fee of 6 and Insurance charge of 10. The interest rates quoted include a 0.25% Direct Debit discount. 5 Year Fixed Rate Mortgages Until 30/09/2021 the rate is fixed at 4.59 changing to our Residential Mortgage Variable Rate (RMVR), currently 5.1% APRC 75% 0 0 For existing only. See note 9 Until 30/09/2021 the rate is fixed at 5.45 For the remainder of the term of the Mortgage, 5.6% APRC 90% 0 0 For existing only. See note 9 A representative example for a 5 Year Fixed Rate Mortgage for additional borrowing. The 5.6% APRC is calculated based on the following: A repayment of 35,000 payable over 22 years and 3 months initially on a rate fixed until 30/09/2021 at 5.45% and then our RMVR variable rate currently % for the remaining term would require 60 monthly payments of and 206 monthly payments of followed by a final payment of The total amount payable would be 60, made up of the loan amount plus interest, Valuation fee of 60, CHAPS fee of 6 and Insurance charge of 10. The interest rates quoted include a 0.25% Direct Debit discount. Variable Rate Mortgage RMVR Residential Mortgage Variable Rate For the duration of the loan 5.1% APRC 90% 0 0 Interest payable to the end of the month new purchase s and additional borrowing The APRC is calculated based on the following: A repayment of 35,000 payable over 19 years 6 months on our variable RMVR rate currently % for the term would require 233 monthly payments of 234 followed by a final payment of The total amount payable would be 54, made up of the loan amount plus interest, Valuation fee of 60 CHAPS fee of 6 and Insurance charge of 10. The interest rates quoted include a 0.25% Direct Debit discount.

7 Fixed Rate Help to Buy Mortgages Help to Buy Equity Loan Scheme - England, Wales, London and Scotland The maximum purchase price is 600,000 for England and London, and 300,000 for Wales. The maximum purchase price for Scotland is 230,000 on purchases completing before 31 March 2017, 200,000 on or before 31 March 2018 and 175,000 on or before 31 March Year Fixed Rate Help to Buy Mortgages Until 31/08/2018 the rates is fixed at % APRC 60% Until 31/08/2018 the rates is fixed at % APRC 60% 0 0 & Until 31/08/2018 the rates is fixed at 1.85 changing to our Residential Mortgage Variable 4.6% APRC 70%. Until 31/08/2018 the rates is fixed at 2.45 changing to our Residential Mortgage Variable 4.6% APRC 70% 0 0 & Until 31/08/2018 the rates is fixed at % APRC 75%. Until 31/08/2018 the rates is fixed at % APRC 75% 0 0 & Until 31/08/2018 the rates is fixed at % APRC 80%. Until 31/08/2018 the rates is fixed at % APRC 80% 0 0 & A representative example for a 2 Year Fixed Rate Help to Buy Mortgage New Purchases. The 4.6% APRC is calculated based on the following: A repayment of 250,000 payable over 25 years and 0 months, initially on a rate fixed until 31/08/2018 at 1.79% and then our RMVR variable rate currently % for the remaining term would require 24 monthly payments of 1, and 275 monthly payments of 1, followed by a final payment of The total amount payable would be 419, made up of the loan amount plus interest, CHAPS fee of 6 and Insurance charge of 10. The interest rates quoted include a 0.25% Direct Debit discount.

8 5 Year Fixed Rate Help to Buy Mortgages Until 31/08/2021 the rates is fixed at % APRC 60%. Until 31/08/2021 the rates is fixed at % APRC 60% 0 0 & Until 31/08/2021 the rates is fixed at 2.69 changing to our Residential Mortgage Variable 4.2% APRC 70%. Until 31/08/2021 the rates is fixed at 2.99 changing to our Residential Mortgage Variable 4.2% APRC 70% 0 0 & Until 31/08/2021 the rates is fixed at % APRC 75%. Until 31/08/2021 the rates is fixed at % APRC 75% 0 0 & Until 31/08/2021 the rates is fixed at % APRC 80%. Until 31/08/2018 the rates is fixed at % APRC 80% 0 0 & A representative example for a 5 Year Fixed Rate Help to Buy Mortgage New Purchases. The 4.3% APRC is calculated based on the following: A repayment of 240,000 payable over 26 years and 2 months, initially on a rate fixed until 31/08/2021 at 2.79% and then our RMVR variable rate currently % for the remaining term would require 60 monthly payments of 1, and 253 monthly payments of 1, followed by a final payment of The total amount payable would be 401, made up of the loan amount plus interest, CHAPS fee of 6 and Insurance charge of 10. The interest rates quoted include a 0.25% Direct Debit discount. Skipton Building Society is a member of the Building Societies Association and Financial Ombudsman Service. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority under registration number for accepting deposits, advising on and arranging s and insurance. *To help maintain service and quality, some telephone calls may be recorded and monitored. Stock Code: _20/06/16