THIS PRODUCT IS ONLY AVAILABLE FOR PROPERTIES WITH AN LA, CA, PR & FY POSTCODE

PRODUCT CODE - STD174

This is a 5.59% 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 a £1,500 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 £200,000 payable over 25 years initially on a discount rate for 2 years at 5.59% and then on a discount rate for 3 years at 6.60% and then on our Mortgage Variable Rate (MVR) of 8.39% (variable) for the remaining 20 years would require 24 monthly payments of £940.14, 36 monthly payments of £1,110.01 and 240 monthly payments of £1,411.06.

The total amount payable would be £603,117.80 made up of the loan amount plus interest (£602,997.80) an Application fee of £1500, a CHAPS Fee of £20.00, 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