PRODUCT CODE - STD203

This is a 5.99% 2 year discounted variable rate mortgage.  A 20% 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 £750,000.

The maximum term available is 40 years.

This mortgage has a £1,500 fee.

This product is an advance stage payment mortgage meaning funds are released at the start 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 £200,000 payable over 25 years initially on a discount rate for 2 years at 5.99% and then on a discount rate for 3 years at 6.75% and then on our Mortgage Variable Rate (MVR) of 8.24% (variable) for the remaining 20 years would require 24 monthly payments of £1005.95, 36 monthly payments of £1,133.58 and 240 monthly payments of £1,383.81.

The total amount payable would be £599,009.71 made up of the loan amount plus interest (£598,589.71) an application fee of £1,500, a CHAPS Fee of £25.00, a Valuation fee of £300.00 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.