Product Transfers and Additional Loan Products available for existing borrowers

Transcription

1 Transfers and Additional Loan s available for exting borrowers If you re looking to change your exting mortgage product or apply for an additional, we offer a great range of mortgage products for exting Yorkshire Building Society borrowers. Additional Loan Loyalty Dcount You ve already enjoyed the flexibility of your Yorkshire Building Society mortgage and now you may qualify for our exclusive loyalty rewards. We offer rewards for loyalty: if you have had a continuous relationship with Yorkshire Building Society for at least s you may be able to benefit from a lower interest on your new Additional Loan. Th feature designed to reward our loyal customers for remaining with the Yorkshire. Abbreviations used: SVR - our Standard Variable % BoE - Bank of England Base % - Loan To Value APR - Annual Percentage Mortgage Application Processing Fee For all new Additional Loan applications, there a mortgage application processing payable. Th 130 and payable on application and strictly non refundable. OUR PRODUCTS HAVE LIMITED AVAILABILITY AND MAY BE WITHDRAWN AT ANY TIME. AFTER A PRODUCT IS WITHDRAWN NO FURTHER APPLICATIONS CAN BE ACCEPTED. Page 1 of 9

2 product transfers Criteria for Transfers You can apply for a Transfer if:- the property your main residence, or there an authored letting in place there are no specific conditions on your current mortgage that prevents a transfer your mortgage account has less than 1 months arrears, up to a maximum of 100 at the time of transfer, and there has been no more than 1 msed payment in the past 12 months your mortgage account has been open for at least one month the part(s) of your mortgage account being transferred must have a of at least the same as the new mortgage product the total being transferred to a new product must be at least 10,000 you pay any early repayment s on your exting mortgage product, as applicable your mortgage account meets all our other normal lending criteria. Transfer Offer, Acceptance and Completion In order to transfer your mortgage to a new product we will sue an offer for the product you require. If you do not hear from us within 7 days of requesting an offer, please contact us. A signed acceptance of the product transfer offer must be received by us within 14 days of the date of the offer. Upon receipt of the signed acceptance we will process the transfer and write to you to confirm the date the transfer effective from and adve you of your new payment. If you do not hear from us within 7 days of returning your acceptance, please contact us. A product transfer subject to the mortgage conditions and mortgage terms (or offset account terms in the case of an offset mortgage). Copies will have been given to all applicants with their original mortgage offer. These terms and conditions take precedence over information contained in th factsheet or any other information given to you. s available to a maximum of 65% Period Until for the, 50% or Fixed s 65% 3 year fixed 5 year fixed Offset Fixed s 1.84% 4.6% APR 995* 2.09% 4.6% APR % 4.6% APR 50% , % 31/03/ % APR % 31/03/ % APR % 3 year 5 year 2.14% 4.6% APR 995* 2.39% 4.6% APR 3.00% 31/03/ % APR 3.45% 31/03/ % APR * The payable in full when you return your Offer Acceptance Form and the funds must be cleared before we can complete your product transfer. You may request the to be added to your, which will increase both the borrowed and your monthly payments Page 2 of 9

3 s available to a maximum of Period Until for the, 50% or Fixed s 3 year fixed 5 year fixed Offset Fixed s 2.06% 4.6% APR 995* 2.31% 4.6% APR % 4.6% APR 50% , % 31/03/ % APR % 31/03/ % APR year 5 year 2.36% 2.61% 4.7% APR 3.20% 31/03/ % APR 3.65% 31/03/ % APR 4.7% APR 995* s available to a maximum of 85% Period Until for the, 50% or Fixed s 85% 3 year fixed 5 year fixed Offset Fixed s 2.61% 4.7% APR 995* 2.86% 4.7% APR % 4.7% APR 50% , % 31/03/ % APR % 31/03/ % APR % 3 year 5 year 2.91% 4.8% APR 995* 3.16% 4.8% APR 3.86% 31/03/ % APR 4.35% 31/03/ % APR * The payable in full when you return your Offer Acceptance Form and the funds must be cleared before we can complete your product transfer. You may request the to be added to your, which will increase both the borrowed and your monthly payments Page 3 of 9

4 s available to a maximum of 90% Period Until for the, 50% or Fixed s 90% 5 year fixed Offset Fixed s 3.46% 4.9% APR 995* % 4.9% APR , % 4.9% APR 50% % 31/03/ % APR % 5 year 3.76% 4.9% APR 995* 4.01% 4.9% APR 4.95% 31/03/ % APR s available to a maximum of over 90% Period Until for the, 50% or Fixed s 90%+ Offset Fixed s 4.86% 5.1% APR 995* % 5.1% APR 10, % 5.2% APR 50% %+ 5.16% 5.2% APR 995* % 5.2% APR * The payable in full when you return your Offer Acceptance Form and the funds must be cleared before we can complete your product transfer. You may request the to be added to your, which will increase both the borrowed and your monthly payments. Page 4 of 9

5 additional products Criteria for Additional Loans You qualify for a loyalty dcount on your new Additional Loan if you have had a relationship with Yorkshire Building Society for at least s. You can apply for an Additional Loan if:- the property your main residence there are no specific conditions on your current mortgage that prevents an Additional Loan you have not msed any payments within the last 12 months, and have not msed more than one payment in the last 24 months your mortgage account has been open for at least 6 months the purpose of the acceptable to us the meets all our other normal lending criteria. Offer, Acceptance and Completion To qualify for our Additional Loan, any Additional Loan offer that we may make has to be sued within three months of the date of your application, and your Additional Loan must be completed within three months of the date of offer. If either of these deadlines are not met and the product you applied for has been withdrawn, you will need to select a new mortgage product and pay the Mortgage Application Processing Fee applicable for the new product. An Additional Loan subject to our mortgage conditions and mortgage terms (or offset account terms in the case of an offset mortgage). Copies will have been given to all applicants with their original mortgage offer. These terms and conditions take precedence over information contained in th factsheet or any other information given to you. Additional Loan s available for customers who have had a continuous relationship with the Yorkshire for between 6 months to s & period (where applicable) our SVR for the imum Loan to Value / imum or Fixed s - Fix the interest you pay for extra peace of mind 3.81% 4.36% currently 4.99% variable Offset Fixed s - Linking savings to your mortgage 4.9% APR Min 3,000 1million 5.0% APR 85% % 4.66% currently 4.99% variable 5.0% APR Min 3,000 Partial 1million 5.1% APR 85% Additional Loan s available for customers who have had a continuous relationship with the Yorkshire for over s* & period (where applicable) our SVR for the imum Loan to Value / imum or Fixed s - Fix the interest you pay for extra peace of mind 2.31% 2.86% currently 4.99% variable Offset Fixed s - Linking savings to your mortgage 4.7% APR Min 3,000 1million 4.8% APR 85% % 3.16% currently 4.99% variable 4.7% APR Min 3,000 Partial 1million 4.8% APR 85% Page 5 of 9

6 Further Information Applicable to Transfers and Additional Loans Our Standard Variable (SVR) With effect from 28 December 2008 our standard variable 4.99%. 5.2% APR. Annual Percentage (APR) Th a figure which all lenders must quote when referring to mortgages. It designed to show the total yearly cost of a mortgage stated as a percentage of the. It includes items such as the interest payable at the start of the mortgage and after the initial period has ended, Mortgage Application Processing Fee if applicable, Fee (where applicable), Revaluation Fee and Mortgage Fee. It the overall purposes. Th figure intended to help customers to compare the overall cost of different s. imum Loan Amount Where the (Loan to Value) lower than we will consider s above the maximum stated. Please contact us for further details. Loan to value () To minime the rk to Yorkshire Building Society in the current mortgage environment, we have reviewed the range of products we offer exting customers. Like many of the mortgage deals currently on offer, our exting customer products now take into account your mortgage balance compared to the estimated value of your property (th known as Loan to Value). We calculate th estimated value by using our House Price Index (we take an average of Nationwide s and Halifax s House Price Index), which recalculated every quarter. Th the figure which we use when assessing your eligibility for our products unless you request a re-valuation. Fee The payable in full when you return your Offer Acceptance Form and the funds must be cleared before we can complete your product transfer. You may request the to be added to your, which will increase both the you borrow and your monthly payments. Early Repayment Charge (ERC) For s With Overpayment Limits In the event of full repayment, payments totalling more than of the outstanding or transfer (in full or in part) to an alternative product or to Yorkshire Building Society s Standard Variable, on or before the end of the ERC period, an ERC payable. The ERC calculated at the applicable for the year in which the repayment or transfer occurs and based on the repaid or transferred. For example, with a Transfer: 100,000 transferred on a 1.84% fixed product until. If you decide to repay th mortgage in full before 31/03/2017, and the balance outstanding on the day of redemption 98,000, the ERC will be 2% x 98,000 = If you decide to repay th mortgage in full before but after 31/03/2017, and the balance on the day of redemption 98,000, the ERC will be 1% x 98,000 = 980. For example, with an Additional Loan: 30,000 borrowed on a 2.31% fixed product until. If you repay th Additional Loan in full before 31/03/2017, and the balance outstanding on the day 24,500, the ERC will be 2% x 24,500 = 490. If you repay th Additional Loan in full before but after 31/03/2017, and the balance outstanding on the day 24,500, the ERC will be 1% x 24,500 = 245. The exception to th that you may repay (part or lump sum) up to of the outstanding in each 12 month period (calculated from the date of completion of your additional or product transfer and EBT & AL Issue 34 then from each anniversary of completion) without incurring an ERC. Any repaid over the limit (including policy proceeds such as maturing endowments) will incur an ERC of the percentage specified on the excess. For example, with a Transfer: If 100,000 outstanding on the first anniversary of completion of your product transfer, you can repay up to 10,000 () in 12 month period without incurring an ERC. If you decide to repay more than th e.g. 15,000, you will incur an ERC of the specified percentage on 5,000 as th the in excess of the limit. For example, with a Additional Loan: If you borrow 25,000, you can repay up to 2,500 () in the 12 month period follow completion of your Additional Loan without incurring an ERC. If you repay more than th, e.g. 6,000, you will incur an ERC of the specified percentage on the 3,500 as th the in excess of the limit. After the end of the ERC period, of any are without incurring an ERC. If a product does not have ERCs then are without restriction. Any may not be subsequently redrawn once they have been made to reduce the mortgage balance. Early Repayment Charge (ERC) For s With 50% Overpayment Limits A higher interest of 0. (in to the overpayment equivalent) d on products with 50% overpayment limits. In the event of full repayment, payments totalling more than 50% of the outstanding or transfer (in full or in part) to an alternative product or to Yorkshire Building Society s Standard Variable, on or before the end of the ERC period, an ERC payable. The ERC calculated at the applicable for the year in which the repayment or transfer occurs and based on the repaid or transfered. For example, with a Transfer: 100,000 transferred on a 2.19% fixed product until. If you decide to repay th mortgage in full before 31/03/2017, and the balance outstanding on the day of redemption 98,000, the ERC will be 2% x 98,000 = If you decide to repay th mortgage in full before but after 31/03/2017, and the balance on the day of redemption 98,000, the ERC willbe 1% x 98,000 = 980. The exception to th that you may repay (part or lump sum) up to 50% of the outstanding in each 12 month period (calculated from the date of completion of your product transfer and then from each anniversary of completion) without incurring an ERC. Any repaid over the 50% limit (including policy proceeds such as maturing endowments) will incur an ERC of the percentage specified on the excess. For example, with a Transfer: If 100,000 outstanding on the first anniversary of completion of your product transfer, you can repay up to 50,000 (50%) in 12 month period without incurring an ERC. If you decide to repay more than th e.g. 65,000, you will incur an ERC of the specified percentage on 15,000 as th the in excess of the 50% limit. After the end of the ERC period, of any are without incurring an ERC. If a product does not have ERCs then are without restriction. Any may not be subsequently redrawn once they have been made to reduce the mortgage balance. Page 6 of 9

7 Further Information Applicable to Transfers Only Re-valuations You can request a re-valuation of your property to ascertain your current to value, on the bas of your belief that your property s current value different to the estimated valuation on our records. Please note that by requesting a re-valuation you would not be reserving any of Yorkshire Building Society s mortgage products or s. s can be withdrawn at any time and you will only be able to choose from the range available, once your current valuation confirmed. If a re-valuation required, a non refundable of 70 payable. Th payable on request of a re-valuation. Th can either be paid by credit/debit card over the phone, or by viting your local branch. Overpayments Making lump sum or regular within the limits of your product can help to reduce your mortgage balance without incurring ERCs. Reducing your mortgage balance can lower your which could mean you have more options available to you the next time you are in a position to do a product transfer. Please note that if house prices increase th can lower your, however if house prices fall, your may re. Further Information Applicable to Additional Loans Mortgage Application Processing Fee A mortgage application processing of 130 payable on all mortgage applications including additional applications. Th payable on application and strictly non-refundable. Th d to cover the costs involved with processing a mortgage application or additional application. Additional Loan Re-valuation To ensure that we are able to lend the you wh to borrow we need to establh the total of your mortgage balance and the of additional borrowing, compared to the value of your property (). In order to do th, in some cases we will require a re-valuation of your property. Please contact us to check if th will apply to you. Switching Fee Once you have submitted your application, if you decide to change products before completion, a product switching payable. Th covers part of the costs we incur when we reserve the product you have applied for. The 90 and payable at the point that you switch from one product to another. The switching payable each time you change products before completion. Release of funds Where the total mortgage balance including the Additional Loan below 85% of the current value of the property (i.e. before any work carried out), the money can be released as soon as your Additional Loan approved. A final inspection required for applications above th level, the for which payable by you. The total mortgage balance cannot exceed 85% of the property value when it reinspected. If a re-valuation required a non-refundable re-valuation of 70 payable. The resulting figure will be used when assessing your eligibility for our products. Th payable before any re-valuation can be done. Th can either be paid by debit/credit card over the phone, or by viting your local branch. Information required If the Additional Loan for any structural changes to the property, copies of the plans and all necessary planning approvals and building regulation consents will be required at the time of the application. Estimates for the work will be required if the Additional Loan will mean your mortgage balance will be above 85% of the current property value. You can choose the method by which we will release the Additional Loan to you. The methods available are CHAPS or internal transfer. There no for either method of payment. For more details ask a member of staff. Page 7 of 9

8 Information relevant to All Offset Accounts Your exting mortgage and Additional Loan must be taken on Offset products only. Offset and non-offset products cannot be mixed. The Offset savings account(s) available with our Offset products offer Direct Debit and Standing Order facilities, as well as a LINK card. Please contact us if you would like further information about our Offset savings accounts. Equivalent Savings s For Current Offset You do not earn any interest on an Offset savings account(s). However, by linking savings to your mortgage, you only pay interest on the difference between your Offset mortgage balance and Offset savings balance(s). The money in your Offset savings account(s) therefore benefits from the equivalent of the interest d on your Offset mortgage. The equivalent savings interest s shown overleaf are based on the current interest of the mortgage product so where th variable or reverts to a variable after an initial fixed period, the benefit you get from your savings will change at the same time. These figures also assume your Offset savings are offset against the mortgage products shown. Summary Box Key Information for our Savings Accounts Account Name Offset savings account Offset Plus savings account s No interest earned No interest earned (AERs) Tax Status N/A N/A Conditions for bonus payment Withdrawal arrangements Access N/A Unlimited withdrawals* Branch, Agency or Online (*subject to daily operational limits) N/A Unlimited withdrawals* Branch, Agency or Online Offset Type Basic Taxpayer Higher Taxpayer Additional Taxpayer 2.14% Fixed 2.68% 3.57% 3.89% 2.36% Fixed 2.95% 3.93% 4.29% 2.39% Fixed 2.99% 3.98% 4.35% 2.61% Fixed 3.26% 4.35% % Fixed 3.64% 4.85% 5.29% 2.99% Fixed 3.74% 4.98% 5.44% 3.00% Fixed % 5.45% 3.16% Fixed 3.95% 5.27% % Fixed 4.00% 5.33% 5.82% 3.45% Fixed 4.31% % 3.65% Fixed 4.56% 6.08% 6.64% 3.76% Fixed 4.70% 6.27% 6.84% 3.86% Fixed 4.83% 6.43% 7.02% 3.89% Fixed 4.86% 6.48% 7.07% 4.01% Fixed 5.01% 6.68% 7.29% 4.11% Fixed 5.14% 6.85% 7.47% 4.35% Fixed 5.44% 7.25% 7.91% 4.66% Fixed 5.83% 7.77% 8.47% 4.81% Fixed 6.01% 8.02% % Fixed 6.19% 8.25% 9.00% 5.16% Fixed 6.45% 8.60% 9.38% 5.41% Fixed 6.76% 9.02% 9.84% The examples assume that basic taxpayers pay 20% tax, higher taxpayers pay 40% tax and additional taxpayers pay 45% tax on savings interest and are based on current HM Revenue & Customs rules which are subject to change. Whether you can benefit from gross, net or tax free interest dependent on your own personal circumstances and tax status and so may be subject to change in the future. Page 8 of 9

9 Early Repayment Charge (ERC) For Offset Mortgage s With Partial Overpayments Allowed A higher interest of 0.20% (in to the overpayment equivalent) d on offset products. If the product repaid in full or transferred (in full or in part) to an alternative product or to Yorkshire Building Society s Standard Variable, on or before the end of the ERC period, an ERC payable. However, (monthly or lump sum) of any are without. The ERC calculated at the applicable for the year in which the repayment or transfer occurs. The ERC based on the original transfer or the original Additional Loan and so dregards any payments (including usual monthly payments) you make which may have reduced the total transferred or borrowed. For example, with a Transfer: 100,000 transferred on a 2.14% fixed product until. If you decide to repay th mortgage in full before 31/03/2017, the ERC will be 2% x 100,000 = 2,000. If you decide to repay th mortgage in full before but after 31/03/2017, the ERC will be 1% x 100,000 = 1,000. For example, with an Additional Loan: 25,000 borrowed on the 2.61% product. If you repay th Additional Loan in full before 31/03/2017, the ERC will be 2% x 25,000 = 500. If you repay th Additional Loan in full before but after 31/03/2017, the ERC will be 1% x 25,000 = 250. After the end of the ERC period, of any are without incurring an ERC. If a product does not have ERCs then are without restriction. Any may not be subsequently redrawn once they have been made to reduce the mortgage balance. Offset Accounts For important information about our Offset mortgages and the options available to you to manage the mortgage term and monthly payments, please read our A guide to your Offset Options leaflet. For more details and asstance: Talk to a member of staff at your local branch ybs.co.uk/mortgages Applications subject to standard lending criteria and all s subject to status. All communications with us may be monitored/recorded to improve the quality of our service and for your protection and security. Calls to 03 numbers are d at the same standard network as 01 or 02 landline numbers, even when calling from a mobile. Yorkshire Building Society a member of the Building Societies Association and authored by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Yorkshire Building Society entered in the Financial Services Regter and its regtration number Head Office: Yorkshire House, Yorkshire Drive, Bradford, BD5 8LJ. YBM 1981 PTAL Page 9 of