FAQs - Savings and Mortgages
With a Repayment Mortgage you pay off both the interest and capital with each monthly payment. This means at the end of the term your mortgage balance will be repaid.
With an Interest Only Mortgage you only pay the interest each month and the amount of capital owed will not reduce.
This means you need to have suitable plans in place to pay off the mortgage at the end of the term. You could use an endowment policy, savings plan, or other repayment strategy.
LTV or Loan to Value is the value of the mortgage compared to the value of the property you are purchasing, expressed as a percentage. For example, if you have a 5% deposit, you will need a 95% LTV mortgage. This means for a property worth £100,000, a deposit of £5,000 will be required.
If you already have a mortgage with us and would like to borrow more, please contact us and book an appointment to speak to one of our Mortgage Advisors.
Yes. Please contact us to book an appointment to speak to one of our Mortgage Advisors and we will be happy to take you through the process.
Yes, we can consider this for you subject to certain criteria being met. You will need to complete a Transfer of Equity form. Please note that you cannot transfer a mortgage from one single name to another single name. This service carries an application fee which is detailed in the Society's Tariff of Charges.
If you require a Transfer of Equity form, please contact us on 0800 029 4998, 9am – 5pm, Monday to Friday.
The minimum property value we will lend on is £75,000.