3 Year Discount Mortgage D421

This discounted variable rate mortgage could be for you if you are buying your first home, moving house or simply moving your mortgage from another lender in England, Wales and Scotland.

It could also be available to you for your newly built home using the Government's Help to Buy Equity Loan Scheme.


With this discounted mortgage you benefit from a reduction in our current standard variable interest rate until 31 March 2023. Until then your payments may increase or decrease as our standard variable rate changes, but you will not pay the full standard variable interest rate. If you pay off your mortgage during this time, you will pay an early repayment charge of the following tariffs:

3% of the outstanding balance

Before 31st March 2021

2% of the outstanding balance

Before 31st March 2022

1% of the outstanding balance

Before 31st March 2023


The Society will make a one-off contribution towards the cost of the basic valuation. The maximum contribution will be £300.00 and the actual amount depends on the value of the property. And because you never know when you might want to, you can make one lump sum repayment of 10% off your mortgage during the discount period. 

If you think this discounted variable rate mortgage could be for you, carry on reading for more information.


Interest Rate
2.79% until 31.03.2023
For the remainder of the term of the mortgage, changing to our SVR currently
5.95% and remaining on standard variable rate terms for the rest of the mortgage
Overall cost for comparison
5.1% APRC
Fees
£299 Product Fee
£120 Account Fee
Key features

Free basic valuation on properties valued up to £300,000.

£299 Product Fee.

£120 Account Fee.

Capital and Interest repayment only basis.

One lump sum repayment of up to 10% within the discounted period.

Up to 90% LTV (up to 75% for Help to Buy) (excluding any fees).

Incentives

If you are a Help to Buy applicant, you can use up to a further 20% from the Government’s Help to Buy Equity Loan scheme. Please see the governments Help to Buy Equity Loan Schemes guidelines for further information about the scheme.

Legal fees for remortgages paid by the Society where Enact are instructed.

Free basic valuation on properties valued up to £300,000.

Insurance

No compulsory insurances.

Eligibility

The mortgaged property must be your permanent home.

This mortgage is available to you if you are buying your first home, moving house or simply moving your mortgage from another lender in England, Wales and Scotland. This mortgage is also available to applicants purchasing a new build property via the Help to Buy scheme in England and Wales via one of our branches or an intermediary. It is not available for the London Help to Buy scheme.

If you are a Help to Buy applicant, you won’t be able to sublet this home or enter a part exchange deal on your old home. You must not own any other property at the time you buy your new home with a Help to Buy: Equity Loan.

Higher lending charge
Not applicable.
Capital repayments
One lump-sum repayment of 10% allowed within the discounted period.
Early repayment charge
3% of the outstanding balance before 31st March 2021 / 2% of the outstanding balance before 31st March 2022 / 1% of the outstanding balance before 31st March 2023
Portable
Yes
Notes

Please note the product is not portable for Help to Buy applications, however the product is portable for standard residential mortgages.

Darlington Building Society are required to provide you with Standard Information which is a representative of the current mortgage, which is set out below:


Requirement
Society Example
The total amount of the credit
£126,900
Duration of the contract
25 Years
The duration of the variable period
3 Years 5 Months
The initial variable rate
2.79%
The amount of the variable rate instalments
£589.95
The number of the variable instalments
41
The frequency of the variable instalments
Monthly
Our Standard Variable Rate (SVR)
5.95%
The duration of the SVR period
22 Years 7 Months
The frequency of the SVR instalments
Monthly
The amount of SVR instalments
£787.36
The total amount payable
£228,201.19
The total amount of interest payable
£100,795.44
Mortgage exit fee
£90
Product fee
£299
Account fee
£120
The overall cost for comparison
5.1% APRC
Representative example summary

If all or part of your income is in a currency other than Pound Sterling (£), you should be aware about the risks of fluctuations in currency exchange rates. If the value of the relevant currency moves against you by at least 20% then that may make it more difficult for you to afford your mortgage payments.

The Representative Example is based on mortgages sold between 01/12/2018 – 31/12/2018 and if you were to take your mortgage product as at 01/11/2019.

All above information is for illustration purposes only and may vary depending on personal circumstances.

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