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2 year fixed rate Interest Only mortgage

For loans up to 75% of the value of your home.

Mortgage name2 Year Fixed < £500,000 <=75% Interest Only BO1710
Max loan to value75%
Initial rate5.02%
Until
Variable rate thereafter, currently7.74%
The overall cost for comparison is7.60% APRC
Product fee£499 for existing mortgage customers
£999 for new mortgage customers
Option to add product fees to mortgage The product fee can be added to the loan, unless it takes a residential loan over 95% LTV or a BTL loan over 80% LTV.
Legal fees

You’ll normally instruct a solicitor to act on your behalf in connection with your transaction. You may be required to pay legal fees and costs as part of their work on your behalf. These fees/costs are normally charged by the solicitor directly to you, unless we tell you that we’ll contribute to the legal costs as part of your product deal.

Typically you will not need to pay legal fees if:

  • you are an existing mortgage customer who wishes to re-mortgage with us.
  • you are a new mortgage customer who wants to switch the mortgage for their current home to us and use our legal panel.
Valuation fee

Remortgage: One free valuation for properties up to £3m Free standard legals (excluding any fee charged by our preferred legal provider for transferring funds to the previous lender) for properties up to £2m

Properties over £3m – No incentives

All incentives are subject to qualifying criteria being met.

Loan Amounts:

The minimum loan size is £1,000,001.

Maximum Loan Amounts are restricted by LTV criteria:

Loans up to

£2,500,000 - maximum LTV 80% LTV (75% LTV Interest Only)

£5,000,000 - maximum LTV 75% LTV
Special features

At the end of the fixed rate period, additional payments or increased monthly payments may be made without charge.
Early repayment charge Applies for the first two years
3% in year 1
2% in year 2
EligibilityApplicants must be aged 18 or over. All loans are subject to status. Security will be required.

Your home may be repossessed if you do not keep up repayments on your mortgage

Work out your monthly repayment for this mortgage

How much?

During the initial period, your estimated monthly repayments would be: £ until

Thereafter, the rate would revert to our variable rate, currently 7.74%, which equates to a monthly payment of £

The overall cost for comparison is:

% APRC

Our mortgage calculator gives you an indication of monthly mortgage repayments. If you'd like to discuss your individual circumstances or obtain a personalised illustration, please contact us.

Find out your mortgage borrowing potential

Next steps

You can switch to this mortgage online if:

  • You don't want to change your borrowing amount.
  • You want to keep the same term.
  • You don't want to add or remove any parties to or from the mortgage.
  • You don't want to change the repayment method.
  • You still use the property in the same way eg. it's still your main home.
  • You can still meet your mortgage repayments.
  • The mortgage term does not run beyond when you expect to retire from work.
  • You do not rely on any of the following to make your mortgage payments and/or (in the case of interest only mortgages) to repay the balance that will remain outstanding at the end of the term:
    • income received in a currency other than pounds sterling; or
    • assets held in a currency other than pounds sterling (including non-UK property or land)?

Please note to switch online you will need your mortgage account number. You can find this on your mortgage statement or other mortgage related letters.

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Or if you would like to speak to one of our mortgage advisors, you can give us a call on 0800 916 0566 (we're open 8am - 8pm Monday to Friday, 9am - 5pm Saturday and 10am - 4pm Sunday) or:

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