BUILDLOAN EXCLUSIVE - Wind & Watertight Arrears Stage Payment - Discount at 6.44%
Product Overview
Initial variable rate for 2 years
2.10% discount off our Mortgage Variable Rate6.44%
Maximum LTV
80%
The overall cost for comparison is
8.1%
APRCProduct Fee
£999
Your home may be repossessed if you do not keep up repayments on your mortgage.
PRODUCT CODE - STD152
This is a 6.44% 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 £750,000.
The maximum term available is 40 years.
This mortgage has a £999 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 6.44% 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 £1,078.80, 36 monthly payments of £1,105.60 and 240 monthly payments of £1,430.59.
The total amount payable would be £610,472.46 made up of the loan amount plus interest (£610,052.46) an Application fee of £999, 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