PRODUCT CODE - DRS16

This is a 4.94% 2 year discounted variable rate mortgage.  A 30% deposit is required.

This mortgage is available for both residential house purchase and remortgages on a capital and interest basis.

This product is not available for product switches.

This product has a cashback feature of £250.

A free valuation package is available for standard purchases and remortgages in England, Scotland and Wales.

A 2% early repayment charge will apply if you repay all or part of your mortgage within the first 2 years. However a maximum of 10% overpayment is allowed in each 12 month anniversary period within the first 2 years

The minimum loan amount is £30,000 and the maximum loan amount is £800,000.

The maximum term available is 40 years.

This product has a floor rate.

There may be other fees and charges when taking out a mortgage with us – please see mortgage fees and charges for more information

Representative Example

A mortgage of £200,000 payable over 25 years initially on a discounted rate for 2 years at 4.94% (variable) and then on a discount rate for 3 years at 6.75% and then on our Mortgage Variable Rate (MVR) of 8.39% (variable) for the remaining 20 years would require 24 monthly payments of £827.55, 36 monthly payments of £1,130.76 and 240 monthly payments of £1,405.49.

The total amount payable would be £599,030.80 made up of the loan amount plus interest (£598,910.80), an application fee of £999, a CHAPS Fee of £25.00 and a Mortgage Discharge Fee of £120.00.

The overall cost for comparison is 7.8% APRC representative.

Please note the example above is for a house purchase on an Interest Only repayment basis