2.65% Self-Build- Variable Discount Low Start Mortgage for 2 Years (Arrears)

2.65% Self-Build- Variable Discount Low Start Mortgage for 2 Years (Arrears)

Initial Pay Rate

5.19%

Loan to Value

50%

APRC

7.8%

Fees

£698

Product Code

MDS305

Information

Early Repayment Charge:

Incentives:

Things you need to know

Availability

This product is available for new mortgage customers only.

This product is available for custom-build.

Repayment Basis

Interest Only for 2 years then reverting to Capital and Interest

Fees

Application Fee paid to The Hanley Economic Building Society on application and is non-refundable £299

Arrangement Fee paid to The Hanley Economic Building Society. The fee can be paid on application or deducted from the loan on completion and interest will be charged on the fee. This fee is non-refundable, except in cases where the application does not proceed to completion £399

Valuation Fee paid to The Hanley Economic Building Society on application and is non-refundable after valuation is carried out. The fee charged is dependent upon the price of the property. See fee scale for cost (Mortgage & Valuation Charges | The Hanley)

CHAPS fee is paid to The Hanley Economic Building Society. The fee can be paid on application or deducted on completion of the loan and interest will be charged on the fee. This non-refundable fee covers the electronic transfer of mortgage funds to you or your solicitor, unless the application does not proceed to completion £35

Minimum Interest Rate

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


Incentives

None.

Loan Size

Minimum £30,000 Maximum £2,000,000.
Please refer to the following page for more information which details limits by lending type and basis https://www.thehanley.co.uk/maximum-ltv-and-loan-amounts.

Maximum Loan to Value

Purchase - 50% (Land/Construction or Renovation End Valuation)
Remortgage - 50% (Land/Construction or Renovation End Valuation)

Property Location

Available for loans on properties in England, Wales and Scotland (Selected Scottish Islands accepted, please refer to criteria).

Overpayments

There are no restrictions for overpayments. Overpayments may be made by monthly standing order, or in a lump sum.

Early Repayment Charges

There is no early repayment charges.

Representative Example

A mortgage of £258,000.00 payable over 28 years initially on an interest only discounted variable rate of 5.19% which represents a 2.65% discount off the Society's Standard Variable Rate (SVR), for 2 Years and then on our SVR of 7.84% (variable) on a capital and interest basis for the remaining 26 years would require 24 monthly payments of £1,115.85 and 312 monthly payments of £1,939.93. The total amount payable would be £633,311.92 made up of the loan amount plus interest (£374,038.97), an application fee of £299.00, an arrangement fee of £399.00, a valuation fee of £415.00, a CHAPS fee of £35.00, a mortgage exit fee of £125.00. The overall cost for comparison is 7.8% APRC representative^.

Self-Build Guide

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

Find out More or Apply

Call us on 01782 255000.

Lines are Open 9.00am to 5.00pm Monday to Friday.

Procuration Fee

The Society will pay a procuration fee of 0.50% on completion to the intermediary.

Buildout Indemnity Cover Insurance

Buildout Indemnity Cover insurance is applicable and is paid for by The Society.

Mortgage Enquiry

Call us on 01782 255000 or complete the form below and a member of our team will be in touch

Man with a form