Chorley and District Building Society Intermediary Mortgage Product Guide
Product Name (S504):
Scheme issued 10/12/2014
Maximum Loan to Value (LTV)
95% (LTV of discounted purchase price)
Initial Variable Interest Rate, currently:
4.49% (1.00% discount from our Standard Variable Rate for 3 years)
Followed by our Standard Variable Rate thereafter, currently:
5.49% (The Society's Standard Variable Rate is set by it's Board of Directors)
MIBS MIG (DMS/106) 3 year discount 95%
The Overall Cost for Comparison is:
5.5% APR
Interest Calculated
Daily
Product Criteria (All Mortgages are subject to status meeting our current criteria)
Age
Minimum - 18 / Maximum - 75 (at end of term) Minimum Loan
Term
Minimum - 2 years / Maximum - 40 years
Maximum Loan
£5,000
£250,000
Affordability
The following multiples apply after ongoing credit commitments have been deducted:
Single Income x 4.0
Joint Income - x 3.50
Our decision to lend will depend on whether the loan is affordable, which we will determine from an assessment of your income and other
financial commitments, alongside the impact of future interest rate increases. To get an idea of how much you may be able to afford please
speak to your mortgage advisor.
MIBS Exclusive
Exclusively available for purchases of new homes through the MIBS MIG Discount Marketing Sales scheme. Please visit www.mibsmig.co.uk for
more details.
Fees
Application Fee
£275 (paid on application, non-refundable)
Scheme Fee
Higher Lending Charge
0.75% of the loan ( can be added to the loan, subject to 95% LTV not being
exceeded, or paid on completion).
Paid by the builder. Applies on advances over 80% LTV.
Mortgage Exit Administration Fee
£75 (paid on redemption).
Valuation Fee
Paid directly to valuer by the applicant – see Valuation Fee Scale for details.
A standard mortgage valuation is required on all properties.
Procuration Fee
A Procuration Fee will be paid to the broker upon completion of the
mortgage. Please refer to your mortgage broker for details.
Additional Information
Early Repayment Charge
3% of the redemption balance for 3 years.
Overpayments
The Society will allow overpayments of up to 10% of the capital balance per
annum without invoking an early repayment charge.
Portability
You cannot keep this mortgage should you move to a new property. This
mortgage is not portable.
Insurance
Buildings insurance is compulsory in all instances.
This is a limited issue and the Society reserves the right to withdraw this scheme without notice at any time
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
The Chorley & District Building Society - A member of the Building Societies Association. Shares & Deposits in the Society are Trustee
Investments.
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the
Prudential Regulation Authority. Registered on the Financial Services Register under number 206023.
Contact us - 01257 235001 or http://www.chorleybs.co.uk/contactus.html for further information
Your telephone conversations with the Society may be recorded. This is to help the Society to improve customer service and to offer additional
security. Calls and electronic communications may also be monitored for staff training.
V1/12/2014