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Variable Rate Mortgages

Variable rate mortgages

Buy-to-Let Mortgage 25% Deposit 3.49% Variable
3.49% 5.99% 5.6% APRC 75% £899 £99

Key Features

Variable rate

A variable rate, currently ​3.49%, which is discounted by 2.50% from our Buy-to-Let Standard Variable Rate for the first 2 years. It then changes to our Buy-To-Let Standard Variable Rate, which is currently 5.99%, and remains on our variable rate terms for the rest of the mortgage.

The overall cost for comparison is 5.9% APRC representative.

What you Pay

  • Daily interest.
  • An arrangement fee of £899 is payable with the application.
  • An application fee of £99 (non-refundable) is payable with the application.
  • A valuation fee is payable.

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


Who can apply and more information

  • Minimum income of main applicant is £20,000.
  • Not available for houses in multiple occupancy (must be sole occupant, couple or single family unit).
  • Not available for first-time buyers, limited companies, students, DSS tenants, house builders, property developers or professional landlords.
  • A single assured shorthold tenancy agreement will be required.
  • Property cannot be let to family members.
  • Available for home purchase and remortgage applications.
  • This mortgage is not portable.

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

Representative Example

A mortgage of £157,000 over 29 years initially on a discounted variable rate of 3.49% (equal to a 2.50% discount off our SVR)  for 2 years and then on our Standard Variable Rate of 5.99% for the remaining term, would require 24 monthly payments of £456.61 and 324 monthly payments of £781.24.

The total amount payable would be £422,650.95 made up of the loan amount plus interest (£264,095.45) with a funds transfer fee of £25, mortgage application fee of £99, mortgage arrangement fee of £899, basic valuation of £330, legal fees of £117.50 and a mortgage exit fee of £85.

The overall cost for comparison is 5.9% APRC representative.

This is based on an interest only mortgage. 

 

Call us today on 0800 378 669

This product may be withdrawn or amended at any time, without prior notice

2 Year Variable Rate Mortgage 20% Deposit 2.74% Variable
2.74% 5.24% 5.0% APRC 80% £899 £99

Key Features

Variable rate

A variable rate, currently ​2.74%, which is discounted by 2.50% from our Standard Variable Rate for the first 2 years. It then changes to our Standard Variable Rate, which is currently 5.24%, and remains on our variable rate terms for the rest of the mortgage.

The overall cost for comparison is 5.0% APRC representative.

What you Pay

  • Daily interest.
  • An application fee of £99 (non-refundable) is payable with the application.
  • An arrangement fee of £899 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.

Who can apply and more information

 

  • Available for home purchase applications only.

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

Representative Example

A mortgage of £157,000 over 29 years initially on a discounted variable rate of 2.74% (equal to a 2.50% discount off our SVR)  for 2 years and then on our Standard Variable Rate of 5.24% for the remaining term, would require 24 monthly payments of £654.37 and 324 monthly payments of £864.15.

The total amount payable would be £296,926.80 made up of the loan amount plus interest (£138,701.30) with a funds transfer fee of £25, mortgage application fee of £99, mortgage arrangement fee of £899, legal fees of £117.50 and a mortgage exit fee of £85.

The overall cost for comparison is 5.0% APRC representative.

Call us today on 0800 378 669

This product may be withdrawn or amended at any time, without prior notice

2 Year Variable Rate Mortgage 10% Deposit 3.59% Variable
3.59% 5.24% 5.1% APRC 90% N/A £99

Key Features

Variable rate

A variable rate, currently ​3.59%, which is discounted by 1.65% from our Standard Variable Rate for the first 2 years. It then changes to our Standard Variable Rate, which is currently 5.24%, and remains on our variable rate terms for the rest of the mortgage.

The overall cost for comparison is 5.1% APRC representative.

What you Pay

  • Daily interest.
  • An application fee of £99 (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.
  • 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 for NEU members upon completion.

Who can apply and more information

  • Available for home purchase and remortgage applications (not available for Help to Buy).

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

Representative Example

A mortgage of £157,000 over 29 years initially on a discounted variable rate of 3.59% (equal to a 1.65% discount off our SVR)  for 2 years and then on our Standard Variable Rate of 5.24% for the remaining term, would require 24 monthly payments of £726.64 and 324 monthly payments of £869.28.

The total amount payable would be £299,428.07 made up of the loan amount plus interest (£142,101.57) with a funds transfer fee of £25, mortgage application fee of £99, legal fees of £117.50 and a mortgage exit fee of £85.

The overall cost for comparison is 5.1% APRC representative.

Call us today on 0800 378 669

This product may be withdrawn or amended at any time, without prior notice

Teacher Exclusive, 2 Year Variable Rate Mortgage 5% Deposit 4.20% Variable
4.20% 5.24% 5.2% APRC 95% N/A £99

Key Features

Variable rate

A variable rate, currently ​4.20%, which is discounted by ​1.​04% from our Standard Variable Rate for the first 2 years. It then changes to our Standard Variable Rate, which is currently 5.24%, and remains on our variable rate terms for the rest of the mortgage.

The overall cost for comparison is 5.2% APRC representative.

What you Pay

  • Daily interest.
  • An application fee of £99 (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.

Who can apply and more information

  • Available for home purchase applications only.
  • At least one applicant must be a qualified teacher or lecturer.

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

Representative Example

A mortgage of £157,000 over 29 years initially on a discounted variable rate of 4.20% (equal to a 1.04% discount off our SVR)  for 2 years and then on our Standard Variable Rate of 5.24% for the remaining term, would require 24 monthly payments of £781.04 and 324 monthly payments of £872.63.

The total amount payable would be £301,821.71 made up of the loan amount plus interest (£144,495.21) with a funds transfer fee of £25, mortgage application fee of £99, legal fees of £117.50 and a mortgage exit fee of £85.

The overall cost for comparison is 5.2% APRC representative.

Call us today on 0800 378 669

This product may be withdrawn or amended at any time, without prior notice

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