6.35% Self-Build Interest Only - Variable Discount Mortgage for 2 Years (Arrears) Mayflower Exclusive

6.35% Initial Pay Rate for 2 years which represents a 2.14% discount off our Standard Variable Rate (8.49%)

Interest Only for the Term of the Mortgage- (Applicants must meet the Society's Interest Only Criteria)

£299 Application fee (non-refundable)
£1700 Arrangement fee (deducted from the loan on completion)
Valuation fee- subject to value of property value*

A valuation fee is payable. See fee scale for cost

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

None.

Minimum Loan: £30,000

Maximum Loan: £750,000 at 80% LTV, £1,000,000 at 70% LTV, £1,500,000 at 65% LTV, £2,000,000 at 50% LTV (Loans over £500,000 will be considered on an individual basis)

Purchase - 80% (Land/Construction or Renovation End Valuation)
Remortgage - 80% (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

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

Procuration Fee The Society will pay a procuration fee of 1% on completion to Mayflower Mortgage & Finance LTD via Legal and General Mortgage Club

This product is available for new mortgage customers only.

There is no early repayment charge.

A mortgage of £232,000.00 payable over 25 years initially on a discounted variable rate of 6.35% which represents a discount of 2.14% off the Society’s Standard Variable Rate (SVR) of 8.49%, for 2 years and then on our SVR of 8.49% (variable) for the remaining 276 months would require 24 monthly payments of £1227.67 and 276 monthly payments of £1641.40. The total amount payable would be £717,124.40 made up of the loan amount plus interest (£482,490.40), a funds transfer fee of £35.00, an application fee of £299.00, an arrangement fee of £1700.00 an exit fee of 125.00 and a valuation fee of £475.00. The overall cost for comparison is 8.3% APRC representative^.

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).