2-Year All Weather Tracker Mortgage

2-Year All Weather General Terms

General Terms

• Rates effective from 9 December 2008
• Moves in-line with the Bank of England base rate
• If the Bank of England base rate changes, the rate on your mortgage will be adjusted accordingly - this could be up or down - within one month
• At any point during the Tracker period you can switch to one of the Fixed Rates we have available at that time, for which you qualify, without having to pay an Early Repayment Charge
• Not available for Buy-to-Let mortgages 

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

A note about the All Weather Tracker Mortgage

This deal gives you the option to lock into a Fixed-Rate mortgage without paying the usual Early Repayment Charge on the tracker mortgage.

This means you can choose this deal with the peace of mind that if interest rates rise, increasing your mortgage payments, you'll be able to switch to a fixed rate. Fees may be payable on the new fixed-rate deal and you will only be able to choose a fixed rate for which you qualify, for example based on the amount of your loan.

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 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 can only switch it to interest-only if your total mortgage amount is 75% or less of your property’s value.
   

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 tracker 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 tracker 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 tracker-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