How much would repayments be?
If you wish to get an estimate of how much your repayments could be you should contact your Private Banker.
As an example an interest only mortgage of £500,000 payable over 25 years initially on a fixed rate for 2 years at 2.09 (%) and then on our variable House Mortgage rate of 3.75% for the remaining 23 years would require 27 monthly payments of £871.52 and 272 monthly payments of £1,562.77 and one final payment of £1,585.94.
The total amount payable would be £952,690.42 made up of the loan amount plus interest (£450,190.42) and a product fee (£1,250.00) and a valuation fee (£1,250.00).
The overall cost for comparison is 3.6% APRC representative.
Does my property need to be valued as part of my mortgage/loan application?
Where your Mortgage/Loan is to be secured by property, we must receive a satisfactory valuation report on the property before we will release the money unless we write and tell you otherwise.
The valuation and any re-inspection of the property are solely for our purposes. We are not responsible for its accuracy.
You are responsible for paying all valuation and re-inspection fees in respect of the property unless we tell you otherwise.
Do i need to have building insurance?
Yes, if you are providing a property as security, you must have appropriate buildings insurance for that property during the term of the Mortgage/Loan and provide us with confirmation that you have this cover in place. You are not obliged to buy this insurance from us. If you do not have buildings insurance you will be in breach of your Mortgage/Loan terms.
What costs would i be charged?
We may charge you fees in conjunction with your Mortgage/Loan, including the following:
- Arrangement fees when you take out the Mortgage/Loan;
- Valuation fees (where applicable)
Where applicable, a non-refundable fee will be payable to your solicitor/conveyance for putting in place the security.
Please see our tariff of mortgage charges
There may also be other taxes and costs associated with your Mortgage or Loan. Additional early repayment charges (ERC) may be applicable. Please make sure you are aware of these before entering in to any agreement. Please speak to your Private Banker for more information.
Available to Adam & Company clients only.
As a last resort, your property may be repossessed if you do not keep up with payments or breach your other obligations under the Mortgage/Loan contract