2-Year Fixed Rate

2-Year Fixed-Rate 90% General Terms

General Terms

• Rate fixed until 30 April 2009
• Loans must start by 5 May 2009
• Rates effective from 8 December 2008
• Fixed-rate funds are limited and deals may be withdrawn at any time. Funds can be reserved only when we have received your completed application form.
• Not available for Buy-to-Let mortgages

Please check the date the rate is fixed until as, depending on when your loan starts, it may not be exactly 2 years - it may be slightly more or slightly less.

General  points

In addition to the specific information that will be taken into account in agreeing a mortgage or additional borrowing, such as the value of your property and your income, there are some other general  points that currently apply to all C&G mortgages which you need to know about:

Within six months of your C&G mortgage starting:

• You cannot apply to borrow more
• You cannot change the term over which your mortgage is due to run

Points for new customers

If the property you are buying is new-build (i.e. was first occupied less than six months ago):

• The most you can borrow is 80% of the value of your home

If you’re switching your existing mortgage from another lender (remortgaging):

• You must have owned the property for at least six months by the time your new mortgage starts
• And if you are borrowing more at the same time as moving your mortgage, the most you can borrow in total is 80% of the value of your home

If you’re borrowing more than 75% of your home’s value:

• You must take out your whole mortgage on a repayment basis, not interest-only
• This applies whether the mortgage you want is to move home or you’re switching your existing mortgage to us. It’s because a repayment mortgage offers you more certainty of clearing your mortgage by the end of the term

If you’re borrowing 75% or less of your home’s value:

• You can arrange your mortgage, or part of it, on an interest-only basis

Points for existing customers

If you already have a C&G mortgage and are now looking to borrow more:

• The most you can borrow in total is 80% of the value of your home
• This means that the amount of your existing C&G mortgage and your new loan added together cannot be more than 80% of the value of your home
• Also, if the new loan takes your total C&G mortgage above 75% of your home’s value, all of the new amount must be arranged on a repayment basis
• But if your total mortgage, including the new loan, is not more than 75% of your home’s value you can arrange the new loan on an interest-only or a repayment basis as you wish, or a combination of both

If you already have a C&G mortgage on an interest-only basis and are now moving home or switching it to a new deal:

• You can continue on an interest-only basis if you want to up to the same amount as you already have on interest only
• But if you are borrowing more at the same time, if the new loan takes your total C&G mortgage above 75% of your home’s value, all of the new amount must be arranged on a repayment basis
• This is because a repayment mortgage offers you more certainty of clearing your mortgage by the end of the term

If you already have a C&G mortgage on a repayment basis:

• You cannot switch it to an interest-only basis
   

Fee	Amount	Brief description
Application fee	£99	You'll need to pay this non-refundable fee if you're buying a new property or moving to a C&G mortgage from another lender.
Product fee	As shown in the Overview tab	With some of our mortgage deals there's a product fee to pay, with others there isn't. Usually, there's a choice, and you can get a lower rate in return for paying a fee or no fee and a higher rate. Where a product fee applies, it will be added to your new mortgage. You can then pay the fee off if you want to, or leave it on your mortgage to spread the cost. If you pay it off within 30 days of the start of your mortgage, no interest will be charged on it. If you leave it on your mortgage, interest will be charged on it as part of your main mortgage.
Valuation fee	Dependant on property value	Payable if you're buying a new property or, if your loan is for £1 million or more and you are moving to a C&G mortgage from another lender.
Transfer of funds fee	£35	You'll need to pay this non-refundable fee for the transfer of money when your mortgage starts if you're buying a property, switching your mortgage from another lender, or are an existing C&G or Lloyds TSB mortgage customer borrowing more.

For more information, view the full list of Fees & charges.

Legal fees

Free legal work is available for most standard remortgages of between £50,000 and £999,999. Please click here for more information and details of the exclusions which apply.

Early Repayment Charges

An Early Repayment Charge applies during the fixed-rate period. This means you will face a charge if you repay or change more than 10% of the loan's capital balance (as at 1 January) in any one year. You can repay up to 10% each year without the charge applying (unless you go on to repay or change the rest of the loan within the next six months). The charge varies depending on how long you have left on your fixed-rate - see the table below.

Repayment Period*	Charge (% of amount repaid or changed
Before 01/05/10	3%
01/05/10 - 30/04/11	2%

At the end of the fixed-rate period

Your loan will switch to the Standard Variable Mortgage Rate, which at that time, could be higher or lower than the rate you will have been paying and may vary over the remaining term of your mortgage.

Next steps

Below is a list of items you may need handy when you apply:

• Your last three months' payslips
• Your last three months' bank statements if you want any other income to be considered e.g. rental or investments
• If you are self-employed and seeing a Mortgage Specialist, two years' self-assessments
• If you are within five years of your planned retirement age or aged 60 or over, your up-to-date forecasts for any state, company and/or personal pensions
• If you already have an existing mortgage elsewhere, your last year's mortgage statements
• If you're buying a property, the sales particulars

Start your application online