Guarantor Fixed Rate 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. The guarantor's income must be sufficient to pay any existing mortgage the guarantor has plus the shortfall in the Society's mortgage that cannot be supported by your own income.

The guarantor will be liable for the shortfall if the borrower does not make the required payments and must obtain independent legal advice.

Your initial interest rate will be...

Fixed for 3 years.

Currently this means your initial rate will be

4.89%

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 overall cost for comparison is

5.4% 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.

Product Booking Fee

  • A Product Booking Fee of £100 is payable at the time of application and is non-refundable.

Arrangement Fee

You are required to pay an arrangement fee of £499, which can be added to the loan.

Additional Features

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

Notes:

  1. The maximum loan available is: 80% of purchase price or valuation (whichever is lower) subject to a maximum loan amount of £350,000.
  2. This product is only available in respect of properties being purchased for owner-occupied residential use.
  3. This product is only available directly from one of the Society's branches or from a mortgage intermediary who is a member of the Society's Thistle Club.
  4. If the borrower(s) defaults on the mortgage payments the guarantor's liability is limited to the amount not met by the income of the borrower(s).
  5. The guarantor(s) must agree unconditionally to undertake payment, on demand, of any sum under the Mortgage (together with interest thereon) if the borrower defaults, up to the limit of the guarantor's liability.
  6. The borrower(s) remains fully liable for the entire debt in the first instance.
  7. Where fees are added to the loan, interest will be charged.
  8. All mortgages are subject to satisfactory status and conditions and borrowers must be aged 18 or over.
  9. Your property will be used as security for the loan.
  10. 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.

 

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