STop renting, STart owning with ST Rent to Own Mortgage - No deposit needed! - Minimum 12 months rental history required! ST Postcode area only.

STop renting, STart owning with ST Rent to Own Mortgage - No deposit needed! - Minimum 12 months rental history required! ST Postcode area only.

STop renting, STart owning with ST Rent to Own Mortgage - No deposit needed! - Minimum 12 months rental history required! ST Postcode area only.

5.79% Fixed for 5 Years ST Rent to Own Mortgage

5.79% Fixed for 5 Years ST Rent to Own Mortgage

Initial Pay Rate

5.79%

Loan to Value

100%

APRC

7.4%

Fees

None

Product Code

MFD635B

Information

Early Repayment Charge:

Incentives:

Things you need to know

Repayment Basis

Capital & Interest.

Fees

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 Loan: £30,000 Maximum Loan: £350,000

Maximum Loan to Value

Purchase 100%.

Property Location

Available for properties in ST, WS, DE, SK, CW, WV, TF, SY & CH postcode areas.

Procuration Fee

The Society will pay a procuration fee of 0.35% on completion to the intermediary.

Availability

New Business - All of our savings and mortgage products are only available to UK residents

Early Repayment Charges

There is an early repayment charge of 3% (on a balance of £153,000 this would cost £4590.00)

Overpayments

Overpayments of up to 10% of the mortgage balance are permitted each anniversary year during the first 5 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.

Higher Lending Charges

Higher Lending Charge is applicable and paid for by the Society.

Representative Example

A mortgage of £153,000.00 payable over 29 years initially at a fixed rate of 5.79% for 5 years and then on our SVR of 7.99% (variable) for the remaining 24 years would require 60 monthly payments of £908.36 and 288 monthly payments of £1103.29. The total amount payable would be £372,708.08 made up of the loan amount plus interest (£219,247.68), a funds transfer fee of £35.00, an exit fee of 125.00 and a valuation fee of £300.00. The overall cost for comparison is 7.4% APRC representative^.

Find out More or Apply

Call us on 01782 255000 (selecting option 1 – Hanley Intermediaries then option 1 – New business enquiries).

Lines are Open 9.00am to 5.00pm Monday to Friday (Wednesday 9.30am to 5.00pm).

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