Back on track 2 year variable rate remortgage 6.94%

This product is not available for shared ownership applications

Available for loans up to 60% of the purchase price or valuation of the property, whichever is lower.

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
40%	2 years	6.94%	8.64% after 2 years	8.6% APRC	60.0%	£0.00	£199.00

Key features

Variable rate

A variable rate, currently 6.94%, which is discounted by 1.70% from our Standard Variable Rate for the first 2 years. It then changes to our Standard Variable Rate, which is currently 8.64% rate, and remains on our variable rate terms for the rest of the mortgage.

The overall cost for comparison is 8.6% 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 charge

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 6.94% (equal to a 1.70% discount off our SVR) for 2 years and then our Standard Variable Rate, currently 8.64%, for the remaining term, would require 24 monthly payments of £1400.13 and 288 monthly payments of £1614.72.

The total amount payable would be £498,990.01 made up of the loan amount plus interest (£296,634.01) 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 8.6% 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: 444

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