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Back on track 2 year variable rate mortgage 7.54%

Available for loans up to 80% of the purchase price or valuation of the property, whichever is lower.

PLEASE NOTE: YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. 

Deposit % Term Initial interest
rate 		Follow on rate Overall cost for
comparison 		Max LTV Arrangement
fee 		Application
fee
20% 2 years 7.54% 8.79%
after 2 years 		8.9% APRC 80.0% £0.00 £199.00

Key features

Variable rate

A variable rate, currently 7.54%, which is discounted by 1.25% from our Standard Variable Rate for the first 2 years. It then changes to our Standard Variable Rate, which is currently 8.79%, and remains on our variable rate terms for the rest of the mortgage.

The overall cost for comparison is 8.9% APRC representative.

What you pay

  • Daily interest.
  • An application fee of £199 (non-refundable) is payable with the application.
  • A valuation fee is payable for all properties worth £800,000 or more.

Early repayment charges

An Early Repayment Charge of 3% on the amount repaid will be applied for the duration of the product term. You can overpay by up to 10% of the loan outstanding per calendar year without charge.

What we pay

  • The first valuation fee for properties worth less than £800,000
  • £100 cashback for NEU members upon completion.

Representative example

A mortgage of £202,047.00 over 26 years initially on a discounted variable rate of 7.54% (equal to a 1.25% discount off our SVR) for 2 years and then our Standard Variable Rate, currently 8.79%, for the remaining term, would require 24 monthly payments of £1479.07 and 288 monthly payments of £1638.56.

The total amount payable would be £507,753.85 made up of the loan amount plus interest (£305,397.85) with a Application Fee of £199.00, Funds Transfer Fee of £25.00 and a Mortgage Exit Fee of £85.00. 

The overall cost for comparison is 8.9% APRC representative.


Please note: the representative example is for a house purchase only. For remortgage applications, certain fees do not apply. Please contact us for details.

This information does not contain all of the details you need to choose a mortgage. Make sure that you read the separate European Standardised Information Sheet before you make a decision. For full details, please call our friendly team on 0800 378 669.

Product Reference: 443

Your home may be repossessed if you do not keep up repayments on your mortgage