Credit Renew 1 - 2 Year Discount 90% LTV

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Credit Renew 1 - 2 Year Discount 90% LTV

Product details

Maximum Loan To Value (LTV)

90%

Initial Interest Rate

6.49%

Follow On Variable Rate for 4 Years

7.04%

Standard Variable Rate thereafter

8.29%

Overall Cost for Comparison (APRC)

7.90%

Interest Calculated

Daily

Initial Interest Rate: 6.49% (1.80% discount from the Society’s Standard Variable Rate for 2 years. The discount is subject to a minimum interest rate floor of 2.00%)

 

This is a limited issue and the Society reserves the right to withdraw this scheme without notice at any time.

Mortgage Summary

The following is a representative example based on a mortgage of £180,000 payable over 25 years initially on a discounted variable rate of 6.49% for 2 years, a further discounted variable rate of 7.04% for 4 years, followed by our Standard Variable Rate of 8.29%. In this example you would make 24 monthly payments of £1,214.25, 48 payments of £1,273.29 and 228 monthly payments of £1,394.49.

The total amount payable would be £409,770.64 made up of the loan amount plus interest of £228,203.64 and the following costs, a Scheme Fee of (£1,299.00), a Chaps/Telegraphic Transfer fee (£25.00), a Valuation Fee (£193.00), and a Mortgage Exit Administration Fee (£50.00).

The overall cost for comparison is 7.9% APRC representative.

Note: What you will pay may vary from this and will depend on your personal circumstances.

North West Property Cashback 

£500 cashback will be paid to customers who complete a new mortgage application for a residential property purchase or remortgage in the North West.* For more information click here

 

*North-West region will include postcode prefixes PR, FY, M, L, WA, LA, BB, SK, OL, CA, CH, BL, SK, CW

Early Repayment Charge

2.50% of the redemption balance in year 1

1.50% of the redemption balance in year 2

Application Fee

There is no Application Fee payable for this product.

Scheme Fee

£1,299 (can be added to the loan, subject to LTV and lending criteria, or paid on completion. Fees added to the loan will accrue interest. Further details are available on application).

Mortgage Exit Administration Fee

£50.00 (paid on redemption).

Standard Valuation Fee

Paid directly to valuer by the applicant – see Valuation Fee Scale for details.

A standard mortgage valuation is required on all properties.

CCJ

  • Total of all CCJs must not exceed £500
  • Subject to more than 1 CCJ within the last 3 years, not connected with unsecured/secured lending or revolving credit
  • Subject to 1 or more CCJ within the last 3 years connected with unsecured/secured lending  or revolving credit
  • If the CCJs are connected with unsecured or secured lending the cumulative arrears overdue has not reached the equivalent of 3 or more monthly payments within the last 2 years

 

Category 1

  • CCJ (s)registered 3 or more years ago and;
  • Settled before application

 

Category 2

  • CCJ(s) registered in the last 3 years and/or;
  • Unsettled (must be settled on or before completion) 

Default

  • Subject to more than 2 defaults within the last 2 years, registered more than 6 months ago not connected with unsecured/secured lending or revolving credit regardless of total amount
  • Subject to Defaults within the last 2 years registered more than 6 months ago connected with unsecured/secured lending or revolving credit
  • If the Defaults are connected with secured/unsecured lending the cumulative amount of arrears overdue has not reached the equivalent of three or more monthly payments within the last 2 years

 

Category 1

  • Settled before application 

 

Category 2

  • Unsettled (must be settled on or before completion) 

 

DMP

Subject to an Unsatisfied DMP which must be satisfactorily conducted

 

Category 1

  • DMP in place for a minimum of 2 years
  • May include secured or unsecured loans but the credit file must be clean for a minimum of 2 years

 
Category 2

  • DMP in place less than 2 years
  • Cannot include secured or unsecured loans

Age

Minimum – 18 years

Maximum – 72 years

Term

Minimum – 2 years

Maximum – 40 years

Loan Size

Minimum - £50,000

Maximum - £1,200,000 (Maximum Loan amounts vary by LTV, please refer to our current criteria for details)

Overpayments

The Society will allow overpayments of up to 10% of the capital balance per annum without invoking an early repayment charge.

Portability

You can keep this mortgage should you move to a new property. This mortgage is portable subject to your status meeting our criteria.

Insurance

Buildings insurance is compulsory in all instances.

What you can expect from us:

  • Individual advice from friendly, qualified mortgage advisers.
  • Legal & valuation incentives (subject to product terms and conditions).
  • A flexible approach to your lending needs.
  • A personal service – one point of contact.
  • A choice of interest-only or capital repayment methods, or a combination of both.
  • We will guide you every step of the way.

At Chorley Building Society, we aim to help you find the mortgage that’s right for you and provide you with the best possible service. Whether looking to purchase a home or remortgage, we are here to help.