Kent Reliance Building Society

ABOUT HOW MORTGAGES WORK

INTEREST RATES

You can choose from a variety of mortgage products which offer one or a combination of the following types of interest rates. Please refer to the ‘Mortgage interest rates sheets’ for details of the current product available:

Variable rates

With a variable rate mortgage, the interest rate may change whenever our lending rates are altered. During the lifetime of a mortgage there may be several interest rate movements – both upwards and downwards. There are various types of variable rate mortgage and at any one time, we may offer one or more of the following variable rate products:

Standard Variable Rate (SVR)

This is our basic mortgage rate against which most of our other schemes are set.

Discounted Variable Rate

A discount from the Standard Variable Rate is available for a period of time, giving you the benefit of initial lower monthly payments.

Tracker Rate

An interest rate which is linked to another variable rate and tracks its movements. It is usually linked to the Bank of England Base Rate and will change on the 1st of the month following any change in the Bank of England Base Rate (BoEBR).

Fixed rates

With a fixed rate mortgage, the interest rate is fixed at a certain level for a specific period. During this time the rate will not change – even if variable rates go up or down. This gives you budget certainty. From the end of the fixed rate period, interest is charged at our Standard Variable Rate.

Our residential mortgage products fall into two types, depending on the type of needs you have. (Details of the products available and interest rates plus typical loan examples can be found on the mortgage interest rates sheets).

Standard range - a range of mortgage products to suit most people.

Special mortgage products - specialist mortgage products for people needing something different. These are for people whose circumstances mean they are looking for a specific type of mortgage, for example:

	shared ownership/shared equity - if you want to buy a home under a shared ownership/shared equity scheme.
	inter-generational - the revolutionary new mortgage that can be passed on through the generations.

For further details visit www.krbs.com or refer to the Mortgage interest rates sheets. www.krbs.co.uk/userepay.aspx

MORTGAGES FOR BUY TO LET AND COMMERCIAL PREMISES

Please call 01634 835 749 to discuss your specific requirements. These loans are not regulated by the Financial Services Authority, please ask for further details. For customer service and training purposes, calls to Kent Reliance may be monitored and/or recorded.