2.75% Interest Only Discount for Term - Dudley Building Society

Main Features

Available for: Purchase and remortgage

Min/Max Adv: £25,000/£1,000,000

Max Loan To Value: 75% (including arrangement fee)

Arrangement Fee: £499 (if the arrangement fee is added to the loan; the loan to value must not exceed the maximum permitted)

Valuation Fee: Payable on application. See Valuation Fee leaflet.

Application Fee: £125

Early Repayment Charge (ERC): 1% of the current balance in the first year and 0.5% for years two and three

Overpayments: 10% of the advance amount can be repaid per annum for three years without incurring a charge. A 1% charge is due on any amount repaid that exceeds 10% per annum for the first year and a 0.5% charge is due on any amount that exceeds 10% per annum in the following two years

Restrictions: This mortgage must be repaid on an interest only or part & part basis.

Other Features: N/A

Please note that we will consider the following:

Guarantor mortgages (Max 75% LTV)
Self-employed applicants with only 1 year's accounts (Max 75% LTV)
Joint borrower, sole proprietor (up to product LTV limit)

Representative Example

A mortgage of £275,503.00 payable over 35 years on our discounted rate at 2.75% below the Society’s Residential Standard Variable Rate of 8.74% (variable) for the mortgage term of 35 years would require 420 monthly payments of £1,375.22 plus one initial interest payment of £1,397.76.

The total amount payable would be £855,717.16 made up of the loan amount plus interest (£578,990.16) and Arrangement fee (£499), Valuation Fee (£390), CHAPS fee (£25), Application Fee (£125) and Discharge fee (£125).

The overall cost for comparison is 6.2% APRC representative.

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