FIX8c

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Here are the details of the product you are interested in:

Key Product Facts
4.24% fixed for 2 years, the interest rate will revert to a rate discounted by 0.50% of the Standard Variable Rate for the remainder of the term, currently 4.99%.
The overall cost for comparison is 5.4% APR.

Overview

  • Up to 60% of the value of the property can be borrowed..
  • Available from age 25. The maximum age at the end of the mortgage term is 70 years.
  • Minimum term of 5 years and a maximum term of 30 years.
  • Interest is calculated on a monthly basis.
  • This product is available for remorgages only and not for purchases.

Fees

  • An Early Repayment charge of 3% of the amount repaid will apply if you repay all or part of your mortgage within the first 2 years. Up to 10% can be paid off each year penalty free.
  • An Arrangement fee of £999 can be added to the loan. If you add this fee to your account it will incur interest in line with the rest of your balance.
  • One free standard valuation.
  • One free standard remortgage service (using The Manchester Building Society's solicitors).
  • Please select this link for full details of the Tariff and Charges: Tariff of Charges
  • There is no higher lending charge on this product.

Income Criteria

  • The product is available for mortgages between £50,000 - £350,000.
  • A minimum income of £17,500 is required for single applicants.
  • Income multiples are 3.50x + 1 for single applicants and 2.75x for joint applications.
  • Satisfactory evidence of income is required for all mortgages.
  • Borrowers must have a good credit history as no adverse criteria is accepted.
  • A minimum employment period of 6 months is required for employed applicants.
  • 2 years full and finalised accounts are required as proof of income for self-employed applicants and 3 months most recent and consecutive wage slips are required for employed applicants.

Property Details

  • Minimum Property Value £125,000.
  • Properties must be located within mainland England & Wales.
  • Minimum period of property ownership 1 year before remortgage permitted.
  • All Newly Built or Newly Converted Properties are excluded. Residential houses must have been completed at least 36 months (3 years) ago, and flats/apartments must have been completed at least 84 months (7 years) ago.
  • Studio flats or flats above commercial premises or above 4 storeys are not accepted.