Low Deposit 2 Year Discounted Variable Rate Mortgage

Got a question?
Try our mortgages help centre
3.24% initial rate
95% Max LTV
See all rates

Take advantage of a discount for 2 years

You will pay our variable rate of 3.24% (2.00% discount off our SVR) for 2 years, then revert to our Standard Variable Rate for the rest of the mortgage term – currently 5.24%.

The overall cost for comparison is 5.0% APRC

The minimum deposit you will need at this rate is 5% of the purchase price.

Representative example

A mortgage of £252,635.00 payable over 30 years initially on a discounted variable rate for 2 years at 3.24% and then on our Standard Variable Rate of 5.24% for the remaining 28 years would require 24 monthly payments of £1,097.36 and 336 monthly payments of £1,375.62.

The total amount payable would be £488,743.96 made up of the loan amount plus interest (£235,884.96), an application fee of £199.00 and a mortgage funds release fee of £25.00.

This example assumes the mortgage funds release fee is added to the loan and that interest is charged on this fee over the mortgage term.

The overall cost for comparison is 5.0% APRC representative.

Fees

Based on a property worth

Based on the information you've provided the fees you would have to pay are:

£199.00 application fee
which is payable at the time of application and is non-refundable

There are no completion fees to pay

£150.00 product switch fee
which can be paid upfront or added to the loan (if added to the loan we'll charge interest on the fee during the term of the loan)

£0.00 Further advance 'completion' fee
which can be paid upfront or added to the loan (if added to the loan we'll charge interest on the fee during the term of the loan)

A valuation isn't normally required for a product switch.
If you want to do more than a product switch, like change your LTV it might be best to have a new valuation, take a look at our guide for more information.

When borrowing additional funds you may require a revaluation if the value of your property has changed since you originally took your mortgage out with us. If substantial changes have been made to your property you may require a full standard valuation, take a look at our guide for more information.

We will pay for a standard valuation. There are other types of valuations available, for more information on these, why we need a valuation and what we use it for take a look at our guide

£ for a standard valuation or £ for a standard valuation and homebuyer survey
For the purpose of the mortgage you'll only need to pay for a standard valuation. Valuation fees are payable at the time of application and are non-refundable. For more information about the different types of valuations and surveys, why we need it and what we use it for take a look at our guide

Based on a property worth

We do not lend on properties worth less than £120,000.
Please check and try again.

Early repayment charges

These are the charges that will apply to your mortgage if you want to overpay or repay early.

Can I make overpayments?

With our Low Deposit 2 Year Discounted Variable Rate Mortgage you're able to make unlimited overpayments without incurring any early repayment charges.

What if I want to repay early?

There are no early repayment charges on our Low Deposit 2 Year Discounted Variable Rate Mortgage. 

What if I want to move home?

If you move house during the discounted rate term you may transfer the balance and remaining term of your discounted mortgage to your next home, without penalty. These requests will be subject to our underwriting criteria and the terms can't be extended to any further borrowing if the product has been withdrawn.

What happens at the end of my discounted rate deal?

At the end of the discounted rate term, your mortgage will revert to our Cambridge Variable Mortgage and you’ll pay our Standard Variable Rate for the remainder of the mortgage term. You’ll still be able to make as many overpayments as you like without incurring any early repayment charges. We’ll write to you when your discounted rate comes to an end to provide you with full details of our Cambridge Variable Mortgage.

Eligibility

Before we agree your mortgage we’ll need to establish that you can afford to meet the monthly payment.

Our mortgages are available on residential properties located in the following counties:

  • Bedfordshire
  • Buckinghamshire
  • Cambridgeshire
  • Essex 
  • Hertfordshire
  • Norfolk
  • Northamptonshire
  • Suffolk

This mortgage is available for home purchase loans and product switch only.

If you are an existing borrower moving away from the East Anglian region, we can still help you buy your new home anywhere in England and Wales.

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

Need help? Let us call you

My name is , I am .
Please call me on +44(0) , We will only use the information you provide to respond to your request. Your personal information will not be used for any other purpose.

Send me details

of the Low Deposit 2 Year Discounted Variable Rate Mortgage

We promise not to give your email to anyone else