GREEN BUILDLOAN EXCLUSIVE - Advance Stage Payment - Discount at 6.24%
Product Overview
Initial variable rate for 2 years
2.05% discount off our Mortgage Variable Rate6.24%
Maximum LTV
80%
The overall cost for comparison is
8%
APRCProduct Fee
£1500
Your home may be repossessed if you do not keep up repayments on your mortgage.
PRODUCT CODE - GSB028
This is a 6.24% 2 year discounted variable rate mortgage. A 20% deposit is required.
This product is only available for green self-build mortgages and is exclusive to BuildLoan.
No early repayment charge applies, and there are no restrictions on overpayments.
This product has a cashback feature of £1,000.
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 discounted rate for 2 years at 6.24% and then on a discount rate for 3 years at 6.75% and then on our Mortgage Variable Rate (MVR) of 8.39% (variable) for the remaining 20 years would require 24 monthly payments of £1,047.93, 36 monthly payments of £1,133.58 and 240 monthly payments of £1,409.00.
The total amount payable would be £605,763.08 made up of the loan amount plus interest (£605,643.08), an application fee of £1,500, a CHAPS Fee of £25.00 and a Mortgage Discharge Fee of £120.00.
The overall cost for comparison is 8.0% APRC representative.
Please note the example above is for a house purchase on an Interest Only repayment basis