Loan Terms & Repayments
Are there any administrative or set up costs?
There will not be a Simplicity establishment fee, however, there will be the cost of valuing the property and your lawyer’s fees for conveyancing.
Can the interest rate change?
Yes, the interest rate you are paying is a floating rate set by Simplicity. Our target going forward is to have an interest rate lower than the average 1 year fixed mortgage rate, and be even cheaper when compared to other banks' floating rates. Our ...
Do I have to repay principal as well?
Yes, all loans are for a maximum of 30 years. You will have to repay some principal every year. The amount you pay every month should remain the same unless there is an interest rate change. You will be given one month’s notice of any interest rate ...
How do I repay my loan?
Your minimum mortgage repayments will be processed by direct debit from your chosen bank account. Lump sum or top-up payments can be made at any time without any penalties or break fees. We won't accept payments from credit cards.
How long is the mortgage for?
The mortgages are for 30 years, and minimum monthly payments include interest and principal. You can pay off your mortgage in full, make top-up payments or switch it to another mortgage provider at any time, without any penalties or break fees. Your ...
What is your interest rate?
All loans are on a floating rate, currently set at 4.20%, and the interest rate may change from time to time. Our target going forward is to have an interest rate lower than the average 1 year fixed mortgage rate from the big banks, and be even ...