National Counties
currently offers four different commercial mortgage products.
Standard Variable
- Interest is calculated on the daily balance and charged monthly at a margin over Bank
Base rate.
- Interest rates are changed on the 25th of the month following the month in which the
Bank of England change Bank Base.
- Flexible repayment (capital and interest) and interest only options, subject to
underwriting.
- If the loan is repaid in full, or more than 10% of the original advance is repaid in any
one year, within three years of the completion date an early repayment charge equal to 1%
of the capital repaid is payable.
- Repaid capital cannot be redrawn.
Fixed
- Interest is calculated on the daily balance and charged monthly.
- The interest rate can be fixed for two, three or five years. At the end of the fixed
period interest is paid at a margin over Bank Base rate.
- Flexible repayment (capital and interest) and interest only options, subject to
underwriting.
- If the loan is repaid in full, or more than 10% of the original advance is repaid in any
one year, within the fixed period an early repayment charge equal to 1% of the capital
repaid is payable. A fixed rate break fee may also be payable.
- Repaid capital cannot be redrawn.
50/50
- Provides maximum rate flexibility by charging variable interest on half the loan and
fixed interest on the other half.
- A different interest rate split can be arranged at the applicant’s request.
- If the loan is repaid in full, or more than 10% of the original advance is repaid in any
one year, within the fixed period an early repayment charge fee equal to 1% of the capital
repaid is payable. A fixed rate break fee may also be payable.
- Repaid capital cannot be redrawn.
Flexiloan
- ‘Offset’ features enable initial draw down of facility agreed and capital
repayment with re-draw allowed.
- Interest is calculated on the daily balance and charged monthly at a margin over Bank of
England Base rate.
- Interest rates are changed on the 25th of the month following the month in which Bank of
England change their Base Rate.
- Flexible repayment (capital and interest) and interest only options, subject to
underwriting.
- The initial advance agreed can be drawn down as required by the applicant,
subject to a minimum initial drawing of £100,000 and subsequent drawdown of £25,000.
- There are no early repayment charges on overpaid capital.
Overpaid capital can be redrawn.
- A premium of 0.20% above our agreed margin will be charged.
- If the loan is repaid in full within three years of the
Completion Date an early repayment charge equal to 1% of the balance on the date the loan
is repaid.
Refinance option
If you are refinancing existing borrowing we will at your request add 1% of the
advance requested to the loan to assist with valuation and legal costs. This option must
be requested at the application stage. This is available on all the products listed above.
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