Self-Build 2.47% Variable Discount Mortgage for 2 Years

This shows what you'll pay each month during your initial deal period. It doesn't consider any charges or fees if you decide to make any changes to your mortgage. Please note this is only an estimate.

Self-Build 2.47% Variable Discount Mortgage for 2 Years

Initial Pay Rate

5.27%

Loan to Value

60%

APRC

7.7%

Fees

£2198

Information

Early Repayment Charge: Yes

Incentives: No

Product Code

MDS327

Information

Early Repayment Charge: Yes

Incentives: No

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Things you need to know

Availability

This product is available for new mortgage customers only.

This product is not available for custom-build.

Repayment Basis

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

Fees

Application Fee paid to The Hanley Economic Building Society on application and is non-refundable £299.00. 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 £1899.00. 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 (https://www.thehanley.co.uk/intermediaries/mortgage-and-valuation-charges). 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 £35.00.

Minimum Interest Rate

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

Incentives

None.

Loan Size

Minimum £30,000 Maximum £1,000,000. Please refer to the following page for more information which details limits by lending type and basis https://www.thehanley.co.uk/maximum-ltv-and-loan-amounts.

Maximum Loan to Value

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

Overpayments

Overpayments of up to 10% of the mortgage balance are permitted each anniversary year for the first 2 years and may be made by monthly standing order or in a lump sum. Any additional overpayments above 10% during this period will attract an early repayment charge calculated on the amount of the additional payments.

Property Location

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

Early Repayment Charges

If this mortgage is repaid in full, or in part, before during the first 2 years an early repayment charge will apply. This will be 2% of the balance repaid during this period. Example – The maximum early repayment charge you could pay is £5,160.00 based on an initial mortgage balance of £258,000.00.

Product Specific Criteria

Property should be at a minimum of wall plate level for Self-build or Full structural overhaul including roofing and damp proof course in respect of a renovation Covered by an acceptable warranty provider (A retrospective warranty is not acceptable)

– see the 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 £258,000.00 payable over 28 years initially on an interest only discounted variable rate of 5.27% which represents a 2.47% discount off the Society's Standard Variable Rate (SVR), for 2 Years and then on our SVR of 7.74% (variable) on a capital and interest basis for the remaining 26 years would require 24 monthly payments of £1,133.05 and 312 monthly payments of £1,922.78. The total amount payable would be £629,873.35 made up of the loan amount plus interest (£369,100.35), an application fee of £299.00, an arrangement fee of £1,899.00, a valuation fee of £415.00, a CHAPS fee of £35.00, a mortgage exit fee of £125.00. The overall cost for comparison is 7.7% APRC representative^.

Self-Build Guide

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

Find out More or Apply

Call us on 01782 255000.

Lines are Open 9.00am to 5.00pm Monday to Friday.

Mortgage Enquiry

Call us on 01782 255000 or complete the form below and a member of our team will be in touch

Self-Build 2.47% Variable Discount Mortgage for 2 Years

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Property Value

Loan Amount

Term (1–40 years)