Shepshed > Mortgages > Products > Five Year Fixed Rate

Five Year Fixed Rate

Rate

 Product Term
 APR     
Maximum LTV Early Repayment Charge Period
 Early Repayment Charge
5.49% Five years 6% 95% Five years

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A fixed interest rate of 5.49% for 5 years.

Full Product Details
Mortgage Product Name:

5 year 5.49% fixed rate followed by the Society’s standard variable interest rate (SVR) for the remaining term.
Maximum Term:
 30 Years.
Maximum Advance Amount:
 £200,000.
Standard Variable Rate:
 The Society’s standard variable interest rate is currently 5.99%.
Calculation Method:
 Daily Interest.
APR:
 The overall cost for comparison is 6% APR.
Early Repayment Charges:

An early repayment charge is calculated on the total amount advanced under the special scheme is payable if the loan is repaid in full within the first 5 years. The amount payable will be calculated on the following basis:

  • 5% year 1
  • 4% year 2
  • 3% year 3
  • 2% year 4
  • 1% year 5
Overpayments:

Early repayment charges will apply to any lump sum payment made during the first 5 years that is equal to or in excess of six monthly payments. The amount payable will be calculated on the following basis:

  • 5% year 1
  • 4% year 2
  • 3% year 3
  • 2% year 4
  • 1% year 5

Interest is calculated on a daily basis therefore the amount on which interest is charged is reduced immediately if you make overpayments.
Loan to Value:
 The mortgage is available up to a maximum of 95% of the purchase price/value (whichever the lower). This includes any fees that have been added to the loan.
Higher Lending Charge:
 For loans above 80% loan to value (LTV) the Society will arrange mortgage indemnity insurance. The Higher Lending Charge will be paid by the Society.
Insurance:
 You are not required to buy any insurance through Shepshed Building Society but as a condition of the mortgage you will be required to insure the property on an index linked basis for an amount not less than the reinstatement value required by the Society’s valuer. A £25 charge is payable at the start of the mortgage if you do not take out your buildings insurance with Shepshed Building Society.
Application Fee:
 £499. £150 of this fee is payable upon application and is not refundable. £349 is payable prior to completion and is refundable if you do not proceed with the application.
Valuation Fee:
 The cost of a valuation for mortgage purposes must be provided on application. Please see our scale of fees. This fee is refundable if you do not proceed with the application and the valuation has not been undertaken.
Availability:
 This mortgage product is only available for first time buyers purchasing residential property for their own use, in England and Wales.  It is not available on new build properties, flats or apartments or for properties in London (within the M25 boundary).
Applicants applying for this product will be required to fully meet the Society’s lending criteria.
CHAPS Fee:

On completion, the advance will be released to the solicitor acting in the transaction by CHAPS (Clearing House Automated Payment Service).
Mortgage Administration Exit Fees:
 £190 inclusive of £65 Deeds Sealing Fee, £50 Deed Production Fee, £75 Mortgage Redemption Statement. Details can be found on our Tariff of Charges

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

Shepshed Building Society, Bull Ring, Shepshed, Leics, LE12 9QD is authorised and regulated by the Financial Services Authority. Our Financial Services Authority registration number is 206067. You can check this on the FSA's register by visiting the FSA's website http://www.fsa.gov.uk/ or by contacting the FSA on 0845 606 1234. Site Disclaimer | Site Map | ©2006 Shepshed Building Society