BUILDLOAN EXCLUSIVE - Arrears Stage Payment - Discount at 6.43%
Product Overview
Initial variable rate for 2 years
2.11% discount off our Mortgage Variable Rate6.43%
Maximum LTV
80%
The overall cost for comparison is
8.1%
APRCProduct Fee
£1500
Your home may be repossessed if you do not keep up repayments on your mortgage.
PRODUCT CODE - SBL009
This is a 6.43% 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 6.43% and then on a discount rate for 3 years at 6.6% and then on our Mortgage Variable Rate (MVR) of 8.54% (variable) for the remaining 20 years would require 24 monthly payments of £5,366.48, 36 monthly payments of £5,508.36 and 240 monthly payments of £7,127.48.
The total amount payable would be £3,039,632.59 made up of the loan amount plus interest (£3,039,212.59) 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 8.1% APRC representative.
Please note the example above is for a house purchase on an interest only repayment basis.