Need To Know

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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

Please note: Mortgages are secured on your home. You could lose your home if you do not keep up payments on your mortgage. Terms and conditions apply. Mortgages are subject to underwriting and criteria. Please contact us for full details.