Holmesdale Building Society

Holmesdale Building Society was established in 1855. It is a mutual and independent building society, is run for the benefit of its members. Holmesdale is committed to remaining independent. Today the Society has £135m worth of assets. Despite its steady growth both financially and geographically it still considers itself Reigate's local building society.

Holmesdale offers the following types of mortgage:

• Discount
• Stepped Discount
• Tracker Mortgages

Discount: your initial rate is set at a discount off the Society's standard variable rate for an agreed interval. this rate is determined by the length of the discount product you choose, where it can be between 2 and 4 years. After the discount period your rate will go back to the Society's standard variable rate for the rest of the mortgage term.

• The 2 year option has an early repayment charge during the discount period
• The 4 year option does not have an early repayment charge
• You can borrow up to 90% LTV

Stepped Discount: your rate is set at a stepped discount for 2 years off the Society's standard variable rate. In the first year you will pay less than what you pay in the second year. After the stepped discount period has concluded the mortgage will go back to the Society's standard variable rate.

• There is an early repayment charge during the stepped discount period
• You can borrow up to 75% LTV

Tracker Mortgages: your rate will be set below the Bank of England Base Rate. Your starting rate is determined by the length of the tracker product you choose, which can be between 2 and 3 years. After the tracker period your rate will go back to the Society's standard variable rate for the rest of the mortgage term.

• There is an early repayment charge during the tracker period
• You can borrow up to 75% LTV
• An arrangement fee is payable

Fee Free re-mortgage scheme: the re-mortgage scheme is applicable to residential properties located in Surrey, Sussex, Kent and Hampshire and is fee-free up to a maximum value of £750,000.

• Free Legal fees
• Free Valuation fees

Holmesdale offer the following types of re-mortgage:

• Discount
• Stepped Discount
• Tracker Mortgages

Lifetime Mortgage: a Lifetime Mortgage is a way of "unlocking" the value of your property, to release the equity in your home. Equity is the difference between your mortgage and the value of your home

• Used typically by older home-owners who have either paid off their mortgage loans in whole, or have only a small amount left to pay
• You can release the equity in your home to give yourself a lump sum
• If you sell the property before you die, you repay the money you borrowed and the remaining equity is yours
• If you live in the property until you die, the money from its sale is used to repay your mortgage before anything left over is paid to your beneficiaries.

It is recommended that anyone who opts for a Lifetime Mortgage scheme should obtain independent legal and financial advice prior to signing any documentation.

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