Personal Finances
Discounted Variable Rate Mortgages
If you want to borrow £25,000* or more and would
like reduced monthly repayments at the start of your mortgage, choose a Discounted
Variable Rate Mortgage.
Features:
- Discounted rates mean lower payments in the early years
- Choice of discounted term
- No deposit required
Plus:
- 3 months free Mortgage Loanguard premiums
- No Maximum Advance Premium if you have a 10% deposit
- Choose how to repay - Capital Repayment, Endowment, Pension
Plan or Individual Savings Account
- Mortgage term can range from 3 years to retirement or age
70, whichever is earlier
- Right to Buy customers can benefit from this mortgage if
they are borrowing £10,000 or more
*Minimum loan £25,000 for over 95% 1, 2 & 3 Year
Discount and £35,000 for Standard 1, 2 & 3 Year Discounts.
Typical Examples based on a £75,000 mortgage taken over 25
years; purchase price £100,000 in the case of up to 95% mortgages, £75,000 for 95% or
above.
At the end of the discounted period the Bank's variable mortgage rate will apply. Mortgage
rate is currently 5.95%. If Mortgage Rate changes, your repayments will also change.
Discount
term |
%LTV |
Rate |
APR |
Monthly
payment |
Monthly
payment at current mortgage rate |
Total Amount
Payable |
Early
repayment/ switching charge |
| 1 year (to
01/10/03) |
Up to 95%
Over 95% |
3.65%
4.15% |
6.2%
6.6% |
£381.53
£402.12 |
£477.50
£478.32 |
£146,070.89
£148,810.30 |
2% until 01/04/04 |
| 2 year (to
01/10/04) |
Up to 95%
Over 95% |
4.45%
4.95% |
6.2%
6.6% |
£414.75
£436.26 |
£476.63
£478.16 |
£145,467.15
£148,656.40 |
None |
| 3 year (to
01/10/05) |
Up to 95%
Over 95% |
4.65%
5.15% |
6.1%
6.6% |
£423.29
£445.02 |
£475.31
£477.57 |
£144,703.26
£148,333.28 |
None |
For further details contact a Customer Adviser in
one of our branches or FREEPHONE 0800 917 3025.
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