Home Renovation Variable Discount Mortgage for 2 Year

Interest Only for 2 Years then reverting to Capital and Interest

£299 non-refundable application

£1,000 arrangement fee (deducted from loan on completion)

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%
Remortgage 80%

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

A Home Renovation Mortgage can be used on a property that needs repairs or renovation. It can be arranged to cover these types of non-structural works: of one or more of the following.

• New kitchen;
• New bathroom;
• New flooring;
• Plastering;
• Painting and decoration;
• New windows or doors;
• Plumbing and rewiring;
• Damp proofing/insulation;
• Replacement heating system;
• Roofing works – including solar panels;
• Landscaping/drive/garden;

In summary, non-structural works. If the work needed to the property is more extensive and also requires planning permission, then a Self-build/Renovation product is required

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

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 5.14% which represents a discount of 2.85% off the Society’s Standard Variable Rate (SVR) of 7.99%, for 24 months and then on our SVR of 7.99% (variable) for the remaining 276 months would require 24 monthly payments of £1158.07 and 276 monthly payments of £1839.31. The total amount payable would be £537,225.92 made up of the loan amount plus interest (£303,442.92), a funds transfer fee of £35.00, an application fee of £299.00, an arrangement fee of £999.00 an exit fee of 125.00 and a valuation fee of £325.00. The overall cost for comparison is 8.0% APRC representative^.

Please ensure that applications are submitted as a self-build to ensure the relevant information is captured.

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).