Variable Discount for 2 Years (Arrears)

6.19% Initial Pay Rate for 2 years which represents a 2.30% 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: £649 (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 £1,250,000 up to 50% LTV £1,000,000 up to 60% LTV, (Loans above £500,000 will be considered on an individual basis).

Purchase 80% (Land / Construction or Renovation End Valuation).
Remortgage 80% (Land / Construction or Renovation End Valuation).

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

This product is available for new mortgage customers only.

If this mortgage is repaid in full 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 £4,424.66 based on £221,233.00.

A mortgage of £221,233.00 payable over 25 years initially on a discounted variable rate of 6.19% 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 £1,451.21 and 276 monthly payments of £1,760.92.

The total amount payable would be £522,305.92 made up of the loan amount plus interest (£299,609.92), an Application fee of £299, an Arrangement fee of £649, a Funds transfer fee of £35, a Valuation fee of £355 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.