Interest Only for Term - Variable Discount for 2 Years (Arrears)

Interest Only for the term of the mortgage (Applicants must meet the Society's Interest Only Criteria)

Non-refundable Application Fee: £299.00

Arrangement Fee: £1,199.00 (Deducted from loan on completion)

Valuation fee: Subject to property value

The interest rate on this product will not drop below 2.00%.

None.

Minimum Loan: £30,000 Maximum Loan: £500,000@70% LTV,£1,000,000 @ 60% LTV, £1,250,000 @ 50% LTV

Purchase - 70% (Land/Construction or Renovation End Valuation) Remortgage - 70% (Land/Construction or Renovation End Valuation)

Overpayments of up to 10% of the mortgage balance are permitted each anniversary year during the first 2 years and may be made by monthly standing order. Any additional overpayments above 10% during this period will attract a penalty calculated on the amount of the additional payments.

This product is available for new mortgage customers only.

If this mortgage is repaid in full during the first 2 years an early repayment charge will apply. This will be 2% of the balance repaid during this period. Example – The maximum early repayment charge you could pay is £4,424.66 based on £221,233.00.

A mortgage of £221,233.00 payable over 25 years initially on a discounted variable rate of 6.15% which represents a discount of 2.34% off the Society's Standard Variable Rate (SVR), for 2 years and then on our SVR of 8.49% (variable) for the remaining 276 months would require 24 monthly payments of £1,133.82 and 276 monthly payments of £1,565.22. The total amount payable would be £682,484.34 made up of the loan amount plus interest (£459,213.34), a funds transfer fee of £35.00, an application fee of £299.00, an arrangement fee of £1,199.00, a valuation fee of £380.00 and a mortgage exit fee of £125.00.

The overall cost for comparison is 8.3% APRC representative^.

To found out more about Self-build mortgages, read our guide HERE.

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