Flexible options with Open plan:
A 'reserve' available via Open plan credit card or cheque book allows borrowing extra money up to 90% of property value
Payment breaks
A 10% capital reduction per annum without penalty is allowedcollapse
| Application Criteria | ||||
| Permanent UK Resident | yes | This product is only available to individuals who are permanent UK residents. | ||
| Existing Customers Only | no | This mortgage is not just available to existing customers | ||
| Existing Borrowers Only | no | This mortgage is not just available to existing borrowers. | ||
| Remortgage Only | no | This is not just available for remortgages. | ||
| First Time Buyers Only | no | This mortgage is not just available to first time buyers. | ||
| Available Via a Broker Only | no | Available direct. | ||
| Available Direct | yes | This product is available direct from the provider. | ||
| Rates | ||||
| Initial Rate APR | 3.89% | 3.89% | ||
| Initial Rate End Date | 30 Jun 2012 | 31 Jan 2012 | ||
| Final Rate | 2.49% | 2.49% | ||
| Mortgage APR | 2.8% | 2.8% | ||
| Fixed Rate End Date | 30 Jun 2012 | Fixed rate until 30/06/2012 | ||
| Initial Rate Term | 24 months | 24 months. | ||
| Frequency of Interest Calculations | daily | Interest is calculated daily | ||
| Tie-in Period After Rate | 0 years | No tie-in period. | ||
| Suitability | ||||
| Mortgage Type | Fixed Rate | Fixed Rate | ||
| Repayment Mortgage | yes | Yes | ||
| Interest Only Mortgage | no | No | ||
| Endowment Mortgage | yes | Yes | ||
| Max LTV | 75% | The maximum LTV is 75% | ||
| Maximum Loan | £500,000 | Maximum loan of £500000. | ||
| House Purchase Max LTV | 75% | The maximum loan to value for house purchase is 75% LTV 75% to £500,000 | ||
| Remortgage | yes | This product is available for remortgages. | ||
| Remortgage Max LTV | 75% | The maximum loan to value for remortgage is 75% LTV 75% to £500,000 | ||
| First Time Buyers | yes | This product is available to first time buyers. | ||
| First Time Buyer Max LTV | 75% | The maximum loan to value for first time buyer is 75% LTV 75% to £500,000 | ||
| Existing Borrowers Moving Home | yes | This product is available to existing borrowers moving home. | ||
| Existing Borrowers Not Moving Home | yes | This product is available to existing borrowers not moving home. | ||
| Homemover | yes | This product is available to homemovers. | ||
| Shared Ownership | yes | This product is available for shared ownership. | ||
| Shared Ownership Max LTV | 75% | The maximum loan to value of purchase share for Shared Ownership 75% LTV 75% to £500,000 | ||
| Right to Buy Max LTV | 100% | The maximum loan to value for Right to Buy is 100% based on purchase price LTV 100% to £500,000 | ||
| Shared Equity | no | This product is not available for shared Equity. | ||
| Restrictions | ||||
| Maximum Term | 35 years | Maximum term 35 years. | ||
| Minimum Term | 5 years | Minimum term 5 years. | ||
| Incentives | ||||
| Legal Fees Contribution | no | No legal fees incentive offered. | ||
| No Higher Lending Charge | yes | No higher lending charge payable. | ||
| Facilities | ||||
| Portable Mortgage | yes | This product is portable. | ||
| Flexible Payments | yes | Flexible options with Open plan: A 'reserve' available via Open plan credit card or cheque book allows borrowing extra money up to 90% of property value...expand | ||
| Overpayments Available | yes | 10% of the outstanding loan can be repaid each year without penalty. | ||
| Payment Holiday | yes | Payment breaks allowed subject to funds available in extra borrowing reserve account. | ||
| Fees & Charges | ||||
| Application Fee £ | £499 | £499 application fee payable. | ||
| Application Fee Added to Loan | yes | Application fee can be added to loan. | ||
| Early Repayment Charge | yes | There is an early redemption charge payable. | ||
| Early Repayment Charge Amount | 3% | ERC - 3% of the balance repaid until 30/06/2012. | ||
