Commenting on the new product, Elaine Thomas, mortgage product manager said, “This new mortgage provides a cashback sum that can be used for any purpose and will therefore appeal particularly to those people seeking a timely cash boost for home improvements, new furnishings for a new home or even for repaying existing loans.”
Product details include:-
- One off cash repayment of 7.5% of the loan amount paid within 14 days of completion
- Funds can be used for any purpose
- Interest rate payable will be the Society’s SVR currently 6.79%
- £395 completion fee
- No Higher Lending Charge payable by the borrowers
- Remortgages : Free valuation (up to £600,000) and free basic legal fees
- Early Repayment Charges (percentage of the original loan amount) apply until 31/10/2011 as follows:-
7.5% until 31/10/2006
then 7% until 31/10/2007
then 6% until 31/10/2008
then 5% until 31/10/2009
then 4% until 31/10/2010
then 2% until 31/10/2011
- Available through all distribution channels.
