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General Information about our Mortgages
Our mortgages are available for the purposes of buying property or re-mortgaging. Remortgaging is where a borrower takes out a mortgage on a property they already own. It is sometimes used to repay an existing mortgage, perhaps to raise additional funds or to obtain a lower interest rate.
Our mortgages are available in England, Wales and mainland Scotland. Please note we don't lend on flats in mainland Scotland.
Length of the mortgage
Mortgages may be available for periods from 5 years to 40 years.
Our mortgages available will vary from time to time, but may include variable and fixed rate deals.
Variable rate mortgages – these are where the interest rate is linked to our Standard Variable Rate (SVR), so if our SVR changes, so will the interest rate of the mortgage, meaning that the monthly payments can rise and fall. Some variable rate mortgages include a discount for an initial period, and these will move to our SVR at the end of that period, which will result in an increase in the monthly payments. There is no guarantee that another discounted rate will be available at the end of the initial discount period.
Fixed rate mortgages – these are where the interest rate is fixed for a certain period. During that period, the interest rate will not change, meaning the borrower is protected from any increase in interest rates, but also does not benefit from any fall in interest rates. At the end of the fixed rate period, the mortgage moves to our SVR which could be higher or lower than the fixed rate. There is no guarantee that an alternative fixed rate deal will be available at that time.
Please click here for details of our current range and some representative examples.
Mortgages can be arranged on a repayment basis or interest only or a mix of both. With interest only mortgages, borrowers need to make appropriate arrangements to ensure they are able to repay the loan at the end of the term. We will require evidence of the repayment plan.
All mortgage payments are due monthly, although overpayments or full repayment can be made at any time (but see below re early repayment).
In addition to the costs stated in our Product Guides, there will be other costs associated with the mortgage. These will include:
Legal fees – to pay your solicitor to transfer ownership of the property. There are also legal fees for setting up the mortgage and registering it with Land Registry.
Stamp Duty – this is a UK government tax on all property purchases, as a % of the purchase price. For further details and the current Stamp Duty rates click here. This link will take you to the UK government website.
Please also refer to our Tariff of Charges here, for details of other fees.
It is possible to repay our mortgages at any time, as well as make overpayments. With most of our mortgages an early repayment charge is due if the loan is repaid during an initial period, as specified in the illustration. Small overpayments (normally of no more than 20% of the balance at the start of the year) are permitted without such a charge. Our illustrations provide more detail.
A mortgage valuation report is always required. We will arrange this basic valuation, but the borrower is required to pay for it. Other valuations are available, at extra cost. Please see our Product Guides for details.
We do not require borrowers to take out any ancillary products or services through the Society, although we do require borrowers to make sure the property is properly insured.
Your home may be repossessed if you do not keep up repayments on your mortgage.