Interest Only Discount Mortgage D347

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.

With this discounted mortgage you benefit from a reduction in our current standard variable interest rate until 31.05.2021. 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 1% of the outstanding balance.

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
2.75% until 31.05.2021
For the remainder of the term of the mortgage, changing to our SVR currently
5.70% and remaining on standard variable rate terms for the rest of the mortgage
Overall cost for comparison
4.9% APRC
Fees
£499 Product Fee
£120 Account Fee
Key features

£499 Product Fee.

£120 Account Fee.

Available on interest only basis.

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

Up to 70% LTV.

Incentives

Basic valuation fee contribution of up to £300.00.

Insurance

No compulsory insurances.

Eligibility

Your discount mortgage will be governed by our rules, our mortgage conditions and the terms of our offer.

Our mortgages are available to anyone aged 18 or over who meet our conditions. All loans depend on your circumstances and a satisfactory valuation of the property you are buying. Your property will be security for the loan and you may need to provide extra security. You can get a written illustration from any of our branches or from our head office.

Higher lending charge
Not applicable.
Capital repayments
One lump-sum repayment of 10% allowed within the discounted period.
Early repayment charge
1% of the outstanding balance if redeemed before 31.05.2021.
Portable
Yes
Notes

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
£104,500
Duration of the contract
22 Years
The duration of the variable period
3 Years 4 Months
The initial variable rate
2.75%
The amount of the variable rate instalments
£531.14
The number of the variable instalments
40
The frequency of the variable instalments
Monthly
Our Standard Variable Rate (SVR)
5.70%
The duration of the SVR period
18 Years 8 Months
The frequency of the SVR instalments
Monthly
The amount of SVR instalments
£675.22
The total amount payable
£172,594.88
The total amount of interest payable
£67,375.68
Mortgage exit fee
£100
Product fee
£499
Account fee
£120
The overall cost for comparison
4.9% 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 31/12/2015 – 31/12/2016 and if you were to take your mortgage product as at 01/02/2018.

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

Repayment calculator

£0.00