Initial Rate | Followed by the Standard Variable Mortgage Rate, currently | The overall cost for comparison is | Product fee | Early Repayment Charges |
|---|---|---|---|---|
7.29% Fixed until 31 January 2015 | 2.50% for the remainder of the term | 4.3% APR | £895 | Yes. Until 31/01/2015 |
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
General terms
The rate stays the same during the fixed-rate period whatever happens to interest rates generally. Fixed-rate funds are limited and can be withdrawn at any time. So, if you see a deal you’d like, let us know. We’ll reserve it for you as soon as your completed application form, application fee, product fee and valuation fee are received (where appropriate).
In addition to the specific information that will be taken into account in agreeing your mortgage such as the value of your property and your income, here are some other considerations:
Starting your mortgage with Lloyds TSB - If you are purchasing a new-build property the most you can borrow in total is 80% of your home’s value.
Borrowing more than 75% of your home’s value - You must take out your whole mortgage on a repayment basis only. This applies whether you’re moving home or switching your current mortgage to us. It’s because a repayment mortgage offers more certainty of clearing your mortgage by the end of the term.
Borrowing 75% or less of your home’s value - You can arrange all of your mortgage, or part of it, on an interest-only basis.
Within six months of your mortgage starting - You cannot apply to borrow any more on your mortgage or change the term over which your mortgage is due to run. If you decide to let your property, you must end the mortgage you’ve taken out, paying any Early Repayment Charge that applies, and switch to one of our Buy-to-Let Mortgages.
Mortgage fees
There are four fees that may apply:
Application fee - There is a £99 non-refundable application fee payable if you are purchasing a property. This is payable when you send us your mortgage application.
Product fee - The table(s) above show what non-refundable product fee (if any) is payable. Where a product fee applies, it will be added to your new mortgage. You can then pay the fee off within 30 days of the start of your mortgage, and no interest will be charged on it; or leave it on your mortgage to spread the cost and interest will be charged on it as part of your main mortgage.
Valuation fee - If you’re buying a property you may need to pay a valuation fee when you apply. The fee amount depends on the value of the property.
See our valuation details.
Transfer of funds fee - If you’re buying a property you will need to pay a non-refundable fee of £35 for transfer of money when your mortgage starts. The fee will be added to the loan and interest charged.
See full details of all our fees and charges.
Early Repayment Charges
An Early Repayment Charge applies if you repay your mortgage (or more than 10% in any year) during the fixed-rate period. But you can repay up to 10% of the balance (as at 1 January) each year and the charge will not apply (unless you go on to repay or change the rest of the loan within the next six months). For amounts above 10%, the charge will be a percentage of the amount repaid and varies depending on how long you have left on your fixed rate – see below.
Repayment period | Charge (% of amount repaid or changed) |
|---|---|
Before 01/02/2011 | 5% |
01/02/2011 - 31/01/2012 | 5% |
01/02/2012 - 31/01/2013 | 4% |
01/02/2013 - 31/01/2014 | 3% |
01/02/2014 - 31/01/2015 | 2% |
Find out more information about Early Repayment Charges.
What happens when the fixed-rate period ends?
Please check the date the rate is fixed until as, depending on when your loan starts, it may not be exactly 5 years - it may be slightly more or slightly less. After the fixed-rate period your loan will switch to the Standard Variable Mortgage Rate, which at that time, could be higher or lower than the rate you will have been paying and may vary over the remaining term of your mortgage. You may be able to take advantage of a different mortgage deal at that time – see details of how to switch to a new deal.
You can only take advantage of this offer by starting your application online. Not available via a branch or by calling us.
Ready to get your mortgage application started?
Start your application online and one of our Mortgage Experts will contact you.
C&G mortgages are provided by Lloyds TSB Bank plc and administered by Cheltenham & Gloucester plc. Lloyds TSB Scotland plc offer their own range of mortgages, find out more.
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