PRODUCT CODE - SBL009

This is a 6.58% 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 £1,000,000.

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 £1,000,000 payable over 25 years initially on a discount rate for 2 years at 6.58% and then on a discount rate for 3 years at 6.75% and then on our Mortgage Variable Rate (MVR) of 8.69% (variable) for the remaining 20 years would require 24 monthly payments of £5,491.67, 36 monthly payments of £5,633.55 and 240 monthly payments of £7,252.67.

The total amount payable would be £3,075,369.59 made up of the loan amount plus interest (£3,073,729.59) an Application fee of £1500, a CHAPS Fee of £20.00, a Valuation fee of £305.00 and a Mortgage Discharge Fee of £120.00.

The overall cost for comparison is 8.2% APRC representative.

Please note the example above is for a house purchase on an interest only repayment basis.