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This shows the initial rate of the mortgage taking into account any fixed or discounted rates which apply at the start of the mortgage.
This refers to Annual Percentage Rate of Charge (APRC) and is the rate you use to compare different mortgages. The APRC is calculated based on several things, including the interest rate you'll be paying, the length of your mortgage term and any charges applicable on your mortgage product.
Your Loan to Value is the value of your property compared to the size of your outstanding mortgage balance. For example, if a property is valued at £200,000 and the mortgage balance is £120,000, the LTV would be 60% as the outstanding mortgage balance is 60% of the value of the property.
Please be aware that your LTV can increase or decrease if there are any changes to the value of your property or outstanding mortgage balance.
When your mortgage with us comes to the end of its product offer period and you have not yet chosen another product offer to switch your mortgage to, your mortgage will revert to the Society’s Standard Variable Rate (SVR) with a potential reduction applied dependent on your Loan to Value (LTV). This means that as a result of any increase in the value of your home or any reductions you make to your mortgage balance which reduces your LTV, you may benefit from a lower variable interest rate being charged.
For further details, please read our 'What happens to your interest rate when your mortgage offer period ends' guide.
The booking fee is the charge that a bank or building society may put on a product to secure the interest rate of the mortgage.
This is a one off fee charged to set up the mortgage on the chosen product. This can usually be added to the mortgage rather than paid in one go.
A fee that may be payable on a mortgage if it is paid off early. In some instances, it may still be payable even if moving to another mortgage deal with the same lender so it's always best to check. If an ERC applies it will clearly say so in all documentation.
This is an estimated initial monthly payment amount, it has been calculated on a capital and interest repayment basis.
Please note, if the mortgage product you have selected has fees (for example a Completion fee), as the fee will be charged in full in all instances, the relative cost of your mortgage will increase if you decide to repay your mortgage before the end of the initial product term.
Finding your way through the mortgage maze can be tricky with lots of words and phrases you may be unfamiliar with. To help you we’ve come up with explanations for the most commonly used terminology.
Find out how to apply for a mortgage with the West Brom.
