BUILDLOAN EXCLUSIVE - Arrears Stage Payment Fee Free- Discount at 6.79%
Initial variable rate for 2 years1.90% discount off our Mortgage Variable Rate
The overall cost for comparison is
Your home may be repossessed if you do not keep up repayments on your mortgage.
PRODUCT CODE - STD148
This is a 6.79% 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.
An early repayment charge will apply if you repay all or part of your mortgage within the first 2 years. This charge will be applied on a sliding scale of 2% in the first year and 1% in the second year. However a maximum of 10% overpayment is allowed in each 12 month anniversary period within the first 2 years.
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 no 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
A mortgage of £200,000 payable over 25 years initially on a discount rate for 2 years at 6.79% 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 £1,131.78, 36 monthly payments of £1,125.11 and 240 monthly payments of £1,448.48.
The total amount payable would be £615,726.53 made up of the loan amount plus interest (£615,281.53), 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 8.3% APRC representative.
Please note the example above is for a house purchase on an interest only repayment basis.