Please note, the Online Banking Portal will be unavailable from 7am - 2pm on Sunday 14th July due to site maintenance.

Please note, the Online Banking Portal will be unavailable from 7am - 2pm on Sunday 14th July due to site maintenance.

Please note, the Online Banking Portal will be unavailable from 7am - 2pm on Sunday 14th July due to site maintenance.

Variable Discount for 2 Years (Arrears) (For Part-Built)

Variable Discount for 2 Years (Arrears) (For Part-Built)

Initial Pay Rate

5.75%

Loan to Value

60%

APRC

8.2%

Fees

£1498

Product Code

MDS271

Information

Early Repayment Charge:

Incentives:

Things you need to know

Initial Pay Rate

5.75% Initial Pay Rate for 2 years which represents a 2.74% discount off our Standard Variable Rate (SVR) currently (8.49%).


Repayment Basis

Low Start – Interest Only for the first two years reverting to Capital & Interest for the remaining term.

Fees

Non-refundable Application Fee: £299.
Arrangement Fee: £1,199 (Deducted from the loan on completion).

A valuation fee is payable. See fee scale for cost

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: £500,000.

Maximum Loan to Value

Purchase 60% (Land / Construction or Renovation End Valuation).
Remortgage 60% (Land / Construction or Renovation End Valuation).

Overpayments

There are no restrictions on overpayments.

Property Location

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 0.50% on completion to the intermediary.

Availability

This product is available for new mortgage customers only.

Early Repayment Charges

There are no early repayment charges.

Product Specific Criteria

The property should be at a minimum of wall plate level for self-build for full structural overhaul including roofing and damp proof course in respect of a renovation.

Covered by an acceptable warranty provider (retrospective warranty is not acceptable – see self-build lending guide for details).

Certified by the warranty provider and sign off certificates for each stage should be submitted with the application.

Funds will be released in stages.

Representative Example

A mortgage of £289,180.00 payable over 25 years initially on a discounted variable rate of 5.75% for 2 years and then on our Standard Variable Rate (SVR) of 8.49% (variable) for the remaining 23 years would require 24 monthly payments of £1,819.25 and 276 monthly payments of £2,296.17.

The total amount payable would be £679,538.89 made up of the loan amount plus interest (£388,225.89), an Application fee of £299, an Arrangement fee of £1,199, a Funds transfer fee of £35 a Valuation Fee of £475 and a Mortgage Exit Fee of £125.


The overall cost for comparison is 8.2% 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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