Loans

Maximum advance

The maximum advance is 90% of the current value of your property, less your outstanding mortgage balance. If your total borrowing is over 75% of the current value of your property, a higher lending charge will apply, however the society will cover the cost of this for you.

In the case of houses and bungalows built within 24 months of the date of your application, the maximum Loan to Value is 85%

Please note that we will not accept any applications for flats, apartments or maisonettes built or converted within the past 24 months.

Daily Interest

If your existing Britannia mortgage is on an annual interest basis, we will have to transfer this to daily interest when you take out your Home Owners Loan, so that they operate on the same basis.

Early Repayment Charges

If you repay your mortgage in full or part by capital repayment, or transfer to another product an early repayment charge may apply. This will be calculated as a percentage of the amount that you repay early. The table below explains how much the early repayment charge will be according to the product you choose and the year in which the repayment is made.

	Early Repayment Charges

			2 Year Fixed Rates		3 Year Fixed Rates		5 Year Fixed Rates		7 Year Fixed Rates		10 Year Fixed Rates
	Year 1		2%		3%		6%		8%		13%
	Year 2		1%		2%		5%		7%		11%
	Year 3		-		1%		3%		6%		10%
	Year 4		-		-		2%		5%		9%
	Year 5		-		-		1%		3%		8%
	Year 6		-		-		-		2%		6%
	Year 7		-		-		-		1%		5%
	Year 8		-		-		-		-		4%
	Year 9		-		-		-		-		3%
	Year 10		-		-		-		-		2%

		A redemption discharge fee of £125 is payable if you repay the loan before the end of the mortgage term. If your loan is made up of more than one part, called sub-accounts, the fee of £125 is payable each time you repay a sub-account unless more than one sub-account is repaid at the same time, when a single fee of £125 is payable. In addition, a deeds release fee of £35 is payable if your loan (all sub-accounts) is repaid early.