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

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

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

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.

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

None.

Minimum Loan £30,000.
Maximum Loan £500,000.

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

There are no restrictions on overpayments.

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

This product is available for new mortgage customers only.

There are no early repayment charges.

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.

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.

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

Call us on 01782 255000.

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