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

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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.

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 Replayment Charge: Yes

Incentives: Yes

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).
Valuation Fee: A valuation fee is payable on application and is non-refundable. The fee charged is dependent upon the price of the property.

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).

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.

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.