17th Century French Country Home

MORTGAGES 
MORTGAGE Reserve account

Our Mortgage Reserve Account will enable you to draw and repay freely without any additional charges up to your pre-agreed facility limit, providing you with flexibility in your mortgage borrowing. You can also take the option of fixing a portion of your mortgage, over two or five years, if you do not require flexibility on the complete amount. The payments on this portion will remain the same regardless of any movements in the interest rate, this will mean that you do not get the benefits of repayment reductions if interest rates fall. Please note that you may incur early repayment charges if you wish to overpay on the fixed rate portion. 

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Representative example (Residential only):

An interest only mortgage of £750,000 payable over 25 years initially on a fixed rate for 2 years at 6.84% and then on our variable mortgage reserve account rate of 7.75% for the remaining 23 years would require an initial payment of £9,904.53, then 9 quarterly payments of £12,834.04 on the fixed rate, and 91 quarterly payments (maximum £14,650.68) and one final payment of £7,700.37 on the variable rate. The total amount payable would be £2,194,669.28 made up of the loan amount plus interest (£1,436,544.28), a product fee (£1,875.00), a valuation fee (£.00) and an annual fee (£250). The overall cost for comparison is 6.8% APRC representative.

Information and figures given are for illustrative purposes only and do not constitute a commitment or offer to lend. The actual amount will depend on subsequent checks we undertake.

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

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