Introducing Step Down Fixed Rates –a new option for your clients who may have experienced a credit blip.
Our new 5 year Step Down fixed rate option has been added to our Resi 6 and Resi 12 product ranges, providing an initial fixed rate for the first 2 years, followed by a lower fixed rate for the remaining 3 years. This will give your customers an overall saving compared to the equivalent Resi 6 or Resi 12 5 year fixed rate, and as well as having the security of a 5 year fixed term, they will have the peace of mind that comes from knowing their payment amounts will reduce after 2 years.
Savings examples compared to standard Resi 6 and Resi 12 five year fixed term:
Resi 12 Step Down
- 75% LTV, £200k house price, £150k loan size over 35 years: £2,436
- 80% LTV, £500k house price, £400k loan size over 40 years: £6,943
- 85% LTV, £120k house price, £100k loan size over 25 years: £1,968
- Resi 6 Step Down
- 75% LTV, £300k house price, £200k loan size over 30 years: £3,587
- 80% LTV, £130k house price, £100k loan size over 20 years: £2,375
- 85% LTV, £360k house price, £300k loan size over 40 years: £5,558
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With rates from:
Resi 12 Step Down: 75% LTV, 5 years, £999 fee, 6.67% / 5.53% - Resi 6 Step Down: 75% LTV, 5 years, £999 fee, 6.88% / 5.71%
- fee free options available also
Please note that sourcing for Step Down fixed rate will vary depending on your sourcing system of choice. For Mortgage Brain, Trigold and 27tec, please see our “FAQ: How do I source the Step Down fixed rate?” on the Resi 6 or Resi 12 landing page.
To view our full range of products please see the product guides below
Please note, for applications from Northern Ireland, these are subject to product availability, maximum LTV is 80% with £500k maximum loan size and no free legals apply.
Check out our latest product guides for rates and fees, or Visit our K-hub