Residential Mortgages

With thousands of different mortgages to choose from it’s no wonder that many people find the whole decision process complex and confusing.

At Stafford Railway Building Society (SRBS) we like to think that we do things a little differently. We believe that a mortgage is one of the biggest commitments you will make in your life and as a result it should be easy to understand. That’s why we offer just one simple, gimmick-free mortgage which consistently has one of the lowest standard variable rates available in the UK.

You won’t find any arrangement fees or any early repayment charges, just a simple and adaptable product that allows you to control your mortgage for its lifetime. There is even a guarantor option which enables your friends or family to help you if you do not have enough income or a large enough deposit.

The Society continues to perform well in customer feedback surveys and prides itself on the excellent service levels offered.

Key features of this mortgage

Current variable rate:

3.49% Overall cost for comparison 3.6% APR *

Repayment methods:

Repayment or interest-only

Minimum loan:

£5,000

Maximum loan:

75% of the lower purchase price or valuation maximum £500,000***.

Max Loan to Value:

75% of the property value***.

Maximum term:

25 years for repayment mortgages. For interest only mortgages the Society will agree a term appropriate to your circumstances

Income:

Maximum loan granted is normally 3.5 times gross income (or gross joint income), LESS any outstanding mortgages elsewhere which are not being repaid.

Valuation charges at cost:       (not refundable)

Value              Fee                                                                    <£100,000       £150                                                <£150,000       £180                                            <£200,000       £210                                            <£250,000       £240                                            <£300,000       £270                                            <£350,000       £300                                            <£400,000       £330                                            <£450,000       £360                                             <£500,000       £390                                            <£750,000       £410                                            <£1,000,000    £510                                                            Re-inspection    £70                                              Revaluation       £90

Your cheque must accompany your application form.

Early repayment charge:

NIL

Tie in periods:

NIL

Payment holiday fee:

NIL

Overpayments:

YES - No penalties apply.
Underpayments: YES (subject to conditions)

Administration fees:

NIL**

Buildings and Contents Cover

We can arrange a quotation through Royal & Sun Alliance or applicants are free to make their own arrangements without penalty.

Legal fees:

See 'important information' section

*APRs vary with individual circumstances. If you request a written illustration it will include a personalised APR.

** A charge of £35 may sometimes be imposed, but borrowers will always be advised in advance and told what they need to do to avoid paying such fees.

*** For applications in excess of 75% SRBS is prepared to consider a secured guarantee. A first charge over property or cash, are examples.

© Stafford Railway Building Society, 4 Market Square, Stafford, ST16 2JH

Stafford Railway Building Society is regulated by the Financial Services Authority, register number 206063, http://www.fsa.gov.uk/register/firmSearchForm.do

The information contained on this site is to provide guidance to prospective borrowers and should not be interpreted as a statement of Society policy. All mortgage applications are subject to an appraisal of the financial standing of the applicant(s) and any guarantor(s).

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.