Prospect Near Prime Variable Rate Mortgage
For loans up to 65% of the property value
The actual rate available will depend upon your circumstances. Ask for a personalised illustration
| Initial rate | 7.84% - Our standard variable rate currently 7.24% plus 0.60% for 2 years | |
|---|---|---|
| The rate will then revert to our standard variable rate for the remainder of the mortgage term, currently | 7.24% | |
| The overall cost for comparison | 7.7% APR | |
| Arrangement fee | £995 (added to your loan unless you tell us otherwise) | |
| Legal fees | You are responsible for your own legal fees | |
| Maximum loan to value ratio | 65% | |
| Higher lending charge | Not applicable | |
| Valuation fee | Payable by customer | |
| Early repayment charge | 6% of the amount repaid for the first 2 years | |
Acceptance criteria
| CCJs | Unsatisfied CCJs are acceptable up to £1500 Satisfied CCJs are acceptable up to £3000 |
|
|---|---|---|
| Missed mortgage payments | None in last 12 months | |
| IVA | Satisfied less than 1 year | |
| Bankruptcy | Discharged for more than 3 years | |
| Repossession | Considered if more than 6 years ago | |
Your home may be repossessed if you do not keep up repayments on your mortgage
All mortgage pages must be read in conjunction with the important information (mortgages) page.
Notes- Ex local authority flats and maisonettes are not acceptable.
- Status and the Prospect mortgage
Chelsea's Prospect mortgage is designed for those who have had County Court Judgements (CCJs) against them or have been or are currently in arrears on their existing mortgage.
Applications for a Prospect mortgage will be considered from those who have been discharged from bankruptcy prior to application or from those making agreed payments to their creditors voluntarily to pay off a debt (except the Right to Buy scheme). Applications will also be considered from those who have previously had a property repossessed (except the Right to Buy scheme). - Where the price or value of the property is greater than £250,000 the maximum loan may be restricted. Further details are available from your local branch or by calling Mortgage Sales on 0800 345 7744.
- Applicants for the Chelsea Prospect mortgage must be aged 21 years or over.
- Minimum loan is £60,000 and the maximum loan is £500,000.
