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 | yes | Only 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 | 3.29% | 3.29% | ||
| Initial Rate End Date | term | term | ||
| Initial Rate Type | tracker | tracker | ||
| Tracker Loading on Lender's Base Rate or SVR | 2.79% | BBR + 2.79% loading | ||
| Lender's Base Rate or SVR for Trackers | 0.5% | Bank Base Rate of 0.50% | ||
| Final Rate | 2.99% | The standard variable rate is 2.99% | ||
| Mortgage APR | 3.4% | APR interest only 3.40% | ||
| Frequency of Interest Calculations | daily | Interest is calculated daily. | ||
| Tie-in Period After Rate | 0 years | No tie-in period. | ||
| Suitability | ||||
| Mortgage Type | Standard | Standard | ||
| Repayment Mortgage | yes | Yes | ||
| Interest Only Mortgage | no | No | ||
| Endowment Mortgage | yes | Yes | ||
| Max LTV | 70% | The maximum LTV is 70% | ||
| Maximum Loan | £1,000,000 | The maximum loan is £1000000. | ||
| Remortgage | yes | This product is available for remortgages. | ||
| Remortgage Max LTV | 70% | The maximum loan to value for remortgage is 70% LTV 70% to £1,000,000 | ||
| First Time Buyers | no | This product is not available to first time buyers. | ||
| Existing Borrowers Moving Home | no | This product is not available for existing customers moving home. | ||
| Existing Borrowers Not Moving Home | no | This product is not available for existing customers not moving home. | ||
| Homemover | no | This product is not available to homemovers. | ||
| Shared Ownership | yes | This product is available for shared ownership. | ||
| Shared Ownership Max LTV | 70% | The maximum loan to value of purchase share for Shared Ownership 70% LTV 70% to £1,000,000 | ||
| Right to Buy | yes | This product is available for right to buys. | ||
| Right to Buy Max LTV | 100% | The maximum loan to value for Right to Buy is 100% based on purchase price. LTV 100% to £1,000,000 | ||
| Shared Equity | no | This product is not available for shared equity schemes. | ||
| 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 | restricted | 10% capital repayments per annum allowed without penalty | ||
| Payment Holiday | yes | Payment breaks allowed subject to funds available in extra borrowing reserve account. | ||
| Fees & Charges | ||||
| Early Repayment Charge | yes | There is an early redemption charge payable. | ||
| Early Repayment Charge Amount | 1% | ERC - 1% of the amount repaid until 30/11/2012 | ||
