1.15% Eco Self-Build Discount for Term - Advance
Representing a 1.15% discount off our Self-Build Standard Variable Rate which is currently 5.49%.
(The overall cost for comparison)
Available for: Purchase and Remortgage
Min/Max Adv: £100,000/£500,000
Max Loan To Value: 85% at End Value, 85% at Land Value (including arrangement fee)
Arrangement Fee: £1,000 (If the arrangement fee is added to the loan; the Loan to Value must not exceed the maximum permitted)
Valuation Fee: Payable on application. See Valuation Fee leaflet.
Application Fee: £125
Early Repayment Charge (ERC): 1% in the first year and 0.5% for the second year (fee waived if completion is before 2 years and customer chooses a residential retention product. Evidence of completion certificate will be required)
Overpayments: 10% of the advance amount can be repaid per annum for two years without incurring a charge. A 1% charge is due on any amount repaid that exceeds 20% per annum in the first year and a 0.5% charge is due on any amount repaid that exceeds 10% per annum for the second year
Restrictions: The mortgage can be repaid on a capital & interest or interest only basis.
Other Features: For properties to be built as an Eco Build (as specified in lending criteria)
Available for advance stage payment releases. The Society is able to take a charge on a second property, the property must have sufficient equity to cover 50% of the requested loan amount (including the contingency fund).
Please note that we will consider the following:
A mortgage of £245,626 payable over 20 years on our discounted rate at 1.15% below the Society’s Self-Build Standard Variable Rate of 5.49% (variable) for the mortgage term of 20 years would require 240 monthly payments of £1,532.82 plus one initial interest payment amount of £905.38
The total amount payable would be £370,447.18 made up of the loan amount plus interest (£123,156.18) and Arrangement fee (£1,000), Valuation fee (£390), CHAPS fee (£25), Application Fee (£125) and Discharge fee (£125).
The overall cost for comparison is 4.6% APRC representative.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Following your feedback, we are happy to announce that we have created a new Intermediary Support Team to support with queries through each step of your application.
Cick here to find out more about the team.