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Teacher exclusive, 2 year variable rate purchase - 20% deposit, 4.49% variable - No early repayment charges

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 PROPERTY 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 4.49% 8.44%
after 2 years 		7.9% APRC 80.0% £0.00 £0.00

Key features

Variable Rate

A variable rate, currently 4.49%, which is discounted by 3.95% from our Standard Variable Rate for the first 2 years. It then changes to our Standard Variable Rate, which is currently 8.44% and remains on our variable rate terms for the rest of the mortgage.

The overall cost for comparison is 7.9% APRC representative.

What you pay

  • Daily interest.
  • A valuation fee is payable for all properties worth £800,000 or more.

What we pay

  • The first valuation fee for properties worth less than £800,000

Early Repayment Charge

No Early Repayment Charges are payable for this mortgage.  You have the right to repay this loan early, either fully or partially.  

    Representative example

    A mortgage of £200,498.00 over 27 years initially on a discounted variable rate of 4.49% (equal to a 3.95% discount off our SVR) for 2 years and then our Standard Variable Rate, currently 8.44%, for the remaining term, would require 24 monthly payments of £1068.94 and 300 monthly payments of £1541.44.

    The total amount payable would be £488,221.31 made up of the loan amount plus interest (£287,613.31) with a Funds Transfer Fee of £25.00 and a Mortgage Exit Fee of £85.00. 

    The overall cost for comparison is 7.9% 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: 777

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