BUILDLOAN EXCLUSIVE - Arrears Stage Payment - Discount at 5.64%

PRODUCT CODE - SBL033

This is a 5.64% 2 year discounted variable rate mortgage.  A 30% deposit is required.

This product is only available for self-build mortgages and is exclusive to BuildLoan.

No early repayment charge applies, and there are no restrictions on overpayments.

If the build completes within the initial 2 year period then the customer will be able to switch to one of the  Society's residential products.

The minimum loan amount is £50,000 and the maximum loan amount is £1,500,000.

The maximum term available is 40 years.

This mortgage has a £1,500 product fee.

This product is an arrears stage payment mortgage meaning funds are released at the end of each stage.

This product has a floor rate of 3.00%

There may be other fees and charges when taking out a mortgage with us – please see mortgage fees and charges for more information

Representative Example

A mortgage of £1,500,000 payable over 25 years initially on a discount rate for 2 years at 5.64% and then on our Mortgage Variable Rate (MVR) of 7.99% for the remaining 23 years would require 24 monthly payments of £7,057.17 and then 276 monthly payments of £9,997.65.

The total amount payable would be £4,430,369.57 made up of the loan amount plus interest (£4,430,249.57), an application fee of £1,500.00, a CHAPS fee of £25.00 and a Mortgage Discharge Fee of £120.00.

The overall cost for comparison is 7.9% APRC representative.

Please note the example above is for a house purchase on an Interest Only repayment basis.