Initial fixed for 2 years
then changing to....
The Society's Mortgage Variable Rate currently
for the remaining term of the mortgage
The overall cost for comparison is
Your home may be repossessed if you do not keep up repayments on your mortgage
PRODUCT CODE - STD67
This is a 4.59% 2 year fixed 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 a £1,500 fee which can be added to the mortgage or paid up front.
This product is an arrears stage payment mortgage meaning funds are released at the end of each stage.
A mortgage of £200,000 payable over 25 years initially on a fixed rate for 2 years at 4.59% and then on our Mortgage Variable Rate (MVR) of 5.14% (variable) for the remaining 23 years would require 24 monthly payments of £770.81 and 276 monthly payments of £863.18.
The total amount payable would be £458,787.12 made up of the loan amount plus interest (£456,842.12) an Application fee of £1500, a Valuation fee of £305 and a Mortgage Discharge Fee of £120.
The overall cost for comparison is 5.3% APRC representative.
Please note the example above is for a house purchase on an interest only basis.
Fill in the details below to find out how much you will need to pay on a monthly basis on a repayment mortgage and an interest only mortgage.