Interest Only 2 Year Fixed Rate Mortgage

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Good to know

Remortgage package available

Make annual overpayments of up to 10% of the completion balance

Fees

Based on a property worth
using our at max

The fees your client would have to pay are:

£{switch fee} product switch fee
which can be paid upfront or added to the loan (if added to the loan we'll charge interest on the fee during the term of the loan)

£{further advance completion fee} Further advance 'completion' fee
which can be paid upfront or added to the loan (if added to the loan we'll charge interest on the fee during the term of the loan)

A valuation isn't normally required for a product switch.

When borrowing additional funds you may require a revaluation if the value of your property has changed since you originally took your mortgage out. We will pay for a standard valuation.

£ for a standard valuation or £ for a standard valuation and homebuyer survey
For the purpose of the mortgage you'll only need to pay for a standard valuation. Valuation fees are payable at the time of application and are non-refundable.
We will pay for a standard valuation.

£ for a standard valuation or £ for a standard valuation and homebuyer survey
For the purpose of the mortgage you'll only need to pay for a standard valuation. Valuation fees are payable at the time of application and are non-refundable.
We will pay for a standard valuation.

Early repayment charges

These are the charges that will apply to your mortgage if you want to overpay or repay early.

Can I make overpayments?

While in your fixed rate term you can make overpayments of up to 10% of your mortgage balance during every 12 month period without having to pay an early repayment charge.

This 10% overpayment allowance is calculated using the balance of your mortgage at the time it completes. Each 12 month period starts on the anniversary of your mortgage completing.

If you choose a new mortgage deal with us at any point we’ll use this balance and date to calculate your overpayment allowance.

Any amount repaid over 10% of your mortgage completion date balance will incur an early repayment charge equal to:

  • 3% of the excess overpayment in year one
  • 2% of the excess overpayment in year two

What if I want to repay early?

If you switch your loan to another lender, a different mortgage deal with us, or repay it in full before the end of the fixed rate term, you’ll have to pay an early repayment charge equal to:

  • 3% of the outstanding balance in year one
  • 2% of the outstanding balance in year two

What if I want to move home?

If you move house during the fixed rate term you may transfer the balance and remaining term of the Fixed Rate Mortgage to your next home, without penalty. These requests will be subject to our underwriting criteria and the terms can't be extended to any further borrowing if the product has been withdrawn.

What happens at the end of my fixed rate deal?

At the end of the fixed rate term, your mortgage will revert to our Cambridge Variable Mortgage and you’ll pay our Standard Variable Rate for the remainder of the mortgage term. From this point you’ll be able to make as many overpayments as you like without incurring any early repayment charges. We’ll write to you when your fixed rate comes to an end to provide you with full details of our Cambridge Variable Mortgage.

Next steps

Mortgage illustration

Self serve online

Immediate

DIP Decision

Current service

2 days

Mortgage Application

App received to reviewed

1 day

Other forms and documents you may need: