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A variable rate mortgage means the interest rate isn’t fixed. It can go up or down, and so will your monthly payments.
Whist it’s lovely if the interest rate and your monthly payments fall, with this type of mortgage it's important to make sure you'd still be able to afford it if your monthly payments went up.
*Initial estimated monthly payments are calculated based on the figures entered above on a capital and interest repayment basis.
**For owner occupier mortgages, the actual variable rate applied will be based on the value of your property relative to the outstanding mortgage balance (this is known as the Loan to Value (LTV)). However, this rate will never be higher than the Society’s Standard Variable Rate at that time. For further details about what happens to your interest rate when your mortgage offer period ends, click here.
We’ll instruct a mortgage valuation. This is for our own use only. The cost of the valuation is set out in the product features. Where you feel you need more information about the property including its condition, there are three additional types of survey available to you: Home Survey Level 1 (Previously known as a Condition Report), Level 2 (Previously known as a Home Buyers’ Survey) and Level 3 (Previously known as a Building Survey). You’ll need to decide which level is best for you. For further details please visit rics.org
Representative example
A mortgage of £237,000 payable over 35 years initially on a variable rate for two years at 4.49% and then on our current standard variable rate of 6.24% (variable) for the remaining 33 years would require an initial payment of £2,023.93, 25 monthly payments of £1,120.15 and 394 monthly payments of £1,377.90.
The total amount payable would be £572,708.49 made up of the loan amount plus interest (£335,708.49), a completion fee (£999) and an account management fee (£125 - paid upon redemption).
The overall cost for comparison is 6.1% APRC representative.
This representative example assumes mortgage payments are made on the 1st day of a calendar month.
The above representative example is for illustration purposes only and may vary depending on your personal circumstances.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Whether you have a question or are ready to take the next step, we're happy to help.
0345 241 3785 8:30am to 6:00pm Monday to Friday
8:30am to 12:30pm on Saturday
