Teacher exclusive, 2 year variable rate remortgage - 20% deposit, 5.59% variable
This product is not available for shared ownership applications
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 | 5.59% |
8.64% |
8.3% APRC | 80.0% | £0.00 | £0.00 |
Key features
Variable Rate
A variable rate, currently 5.59%, which is discounted by 3.05% from our Standard Variable Rate for the first 2 years. It then changes to our Standard Variable Rate, which is currently 8.64% and remains on our variable rate terms for the rest of the mortgage.
The overall cost for comparison is 8.3% APRC representative.
What you pay
- Daily interest.
- 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.
- For remortgage applications, legal fees will be paid when using our appointed solicitor. For non-standard remortgages (i.e. shared ownership, transfer of equity, unencumbered property), we will pay £250 towards the legal costs and this will be sent directly to your solicitor on completion of the mortgage.
- £100 cashback upon completion of your mortgage, if either or both applicants are NEU members.
Representative example
A mortgage of £202,047.00 over 26 years initially on a discounted variable rate of 5.59% (equal to a 3.05% 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 £1229.63 and 288 monthly payments of £1604.07.
The total amount payable would be £491,624.28 made up of the loan amount plus interest (£289,467.28) with a Funds Transfer Fee of £25.00 and a Mortgage Exit Fee of £85.00.
The overall cost for comparison is 8.3% 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: 699
Your home may be repossessed if you do not keep up repayments on your mortgage