Home Renovation Variable Discount Mortgage for 2 Year

Interest Only for 2 Years then reverting to Capital and Interest

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 £999

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

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).