Mortgage Interest Rates – Shared Ownership/Shared Equity
Free Mortgage Payment Protection Insurance for 6 months. Product
Profile and features
Standard variable rate
The traditional variable rate mortgage with no tie-ins. Minimum age 18.
Tracker
Tracks the Bank of England Base Rate for the life of the mortgage. The interest rate charged will be 2.50% above the Bank of England Base Rate. (subject to a minimum mortgage interest rate of 6.00% p.a.) Minimum age 18.
SO 3 year fixed rate
A fixed rate for the first 3 years. Standard variable rate charged from the beginning of year 4. Minimum age 18.
Rate % p.a. Max LTV Fees
6.75%
75%
6.00%
75%
7.30%
75%
Valuation fee. Admin fee £60.
Valuation fee. Admin fee £60. Booking fee £335.
Valuation fee. Admin fee £60. Booking fee £335.
Early repayment charge
None.
None.
Within fixed rate period – 3% of the amount repaid by way of capital repayment or in full redemption. Thereafter – none.
Typical example Initial monthly payments: Subsequent monthly payments: Total charge for credit: Total amount payable (TAP): The overall cost for comparison is: 300 months £518.18 300 months £483.23 36 months £544.52
£80,927 £155,927
£70,777 £145,777
264 months £520.30 £82,769 £157,769
7.0% APR (variable) APR correct as at 1 December 2008
6.3% APR (variable) APR correct as at 1 December 2008
7.3% APR (variable) APR correct as at 1 December 2008
Fixed rate products – a fixed rate loan to give you budget certainty for an initial period.
Free Mortgage Payment Protection Insurance for 6 months. Product
Profile and features
SO 5 year fixed rate
A fixed rate for the first 5 years. Standard variable rate charged from the beginning of year 6. Minimum age 18.
SO 10 year fixed rate
A fixed rate for the first 10 years. Standard variable rate charged from the beginning of year 11. Minimum age 18.
SO 25 year fixed rate
Standard variable rate charged at the end of the fixed rate (i.e. if the term is longer than 25 years). If you move home you can retain your product – all Kent Reliance schemes are portable for balances outstanding. Minimum age 18.
Rate % p.a. Max LTV Fees
7.30%
75%
6.85%
75%
5.98%
75%
Valuation fee. Admin fee £60. Booking fee £435.
Valuation fee. Admin fee £60. Booking fee £935.
Valuation fee. Admin fee £60. Booking fee £935.
Early repayment charge
Within fixed rate period – 3% of the amount repaid by way of capital repayment or in full redemption. Thereafter – none.
Within fixed rate period – 3% of the amount repaid by way of capital repayment or in full redemption. Thereafter – none.
3% of the amount repaid during the fixed rate period by way of a capital repayment or in full redemption.
Typical example Initial monthly payments: Subsequent monthly payments: Total charge for credit: Total amount payable (TAP): The overall cost for comparison is: 60 months £544.52 120 months £522.93 300 months £482.31
240 months £521.85 £83,823 £158,823
180 months £519.67 £82,700 £157,700
£70,998 £145,998
7.4% APR (variable) APR correct as at 1 December 2008
7.3% APR (variable) APR correct as at 1 December 2008
6.3% APR (variable) APR correct as at 1 December 2008
This must be read in conjunction with the Interest Rates sheet – 155/HO/12.08
155s/HO/12.08