Home Renovation - Interest Only Variable Discount Mortgage for 2 Year

This product is available for new mortgage customers only.

This product is not available for custom-build.

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 3.00%

None

See our loan size table here

Purchase 80%
Remortgage 80%

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

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^.

To found out more about Self-build mortgages, read our guide HERE.

Call us on 01782 255000.

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