First Time Buyer - Welcome Mortgage

If you have an immediate family relative who is able to guarantee your mortgage payments we could help you borrow more than our standard income multiple would normally allow.

For the first 3 years of your mortgage your rate will be...

0.50% below the Society's Standard Variable Rate...

Currently this means your initial rate will be...

4.79%

For the remainder of your mortgage term your rate will be...

the Society's Standard Variable Interest Rate

Currently this means your rate will be...

5.29%

The interest rate will be variable throughout your mortgage term.

The overall cost for comparison is...

5.5% APR

 

 

 

 

 

The actual rate available will depend upon your circumstances. Ask for a personalised illustration.

Early Repayment Charge

  • If you repay the loan in full during the first 3 years of the mortgage an early repayment charge, equivalent to 3% of the loan amount, will apply.
  • If you overpay by more than 10% of the loan amount in any rolling 12 month period during the first 3 years of the mortgage an early repayment charge, equivalent to 3% of the total amount overpaid, will apply.

Arrangement Fee

  • You are required to pay an arrangement fee of £799. This can be added to the loan subject to the total amount borrowed being no more than 95% of purchase price or valuation (whichever is lower). If the arrangement fee cannot be added to the loan it will be deducted from the loan amount sent to your solicitor or can be paid by you prior to completion.

Additional Features

  • Interest is charged on a monthly basis
  • Regular monthly overpayments of up to £250 can be made without charge.
  • Total overpayments of up to 10% of the loan amount in any rolling 12 month period can be made without charge.
  • Previous overpayments can be borrowed back as required without charge.
  • Underpayments & Payment Holidays are permitted, subject to sufficient credit.

Notes

  1. The applicant must be first time buyer and in full time employment.
  2. All Welcome Mortgages require at least one parent to act as Personal Guarantor. The Personal Guarantor must obtain independent legal advice. The Guarantee Amount is the full loan amount. The annual income of the parent acting as Personal Guarantor (main earner) must be at least £30,000 and must be sufficient to cover the amount borrowed from the Society (i.e. the guarantee amount) plus any existing borrowing from any other lender(s).
  3. The maximum loan available is 95% of purchase price or valuation (whichever is lower). Loans over 80% of purchase price or valuation (whichever is lower) will attract a higher lending charge, which can be added to the loan subject to the total amount borrowed being no more than 95% of purchase price or valuation whichever is lower). If the higher lending charge cannot be added to the loan it will be deducted from the loan amount sent to your solicitor.
  4. The minimum loan amount is £50,000 and the maximum loan amount is £300,000.
  5. This product is only available in respect of properties located in Scotland used for owner-occupied residential use.
  6. All mortgages are subject to satisfactory status and conditions and borrowers must be aged 21 or over.
  7. Your property will be used as a security for the loan.
  8. This product is subject to availability and may be withdrawn at any time without notice.

Your home may be repossessed if you do not keep up repayments on your mortgage.

To find out more about our Welcome Mortgage please click on the leaflet below.


 

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