Earl Shilton Building Society (ESBS) has an announcement, you can view it here. Contact our team to discuss any cases or criteria in detail across their full range or visit their website here. To log onto their Broker Portal click here.
Announcement
Retention product
With effect from 14th July 2023, esbs will be offering an additional new Retention Only product:
Product 307
- Fixed Rate and Discount Mortgage – 5.99% Fixed for 2 Years then Standard Variable Rate (SVR) less 2.25% for 3 Years
- The overall cost for comparison is 6.9% APRC representative
- No Arrangement or Product Transfer Fee
- There is a floor of 2.5% on this mortgage which means that the rate of interest charged will not fall below 2.5%
- 20% of the transferred capital balance can be repaid each financial year without penalty
- The product switch must take place within 30 days of the offer being made
- There is an Early Repayment Charge if the mortgage is redeemed or rearranged in the first 3 years, calculated as follows:
- 2% of the redemption balance is payable within the first 2 years
- 1.5% of the redemption balance is payable in year 3
- Available only for esbs mortgage borrowers looking to switch an existing mortgage to this product