STop renting, STart owning with ST Rent to Own Mortgage - No deposit needed! - Minimum 12 months rental history required! ST Postcode area only.

STop renting, STart owning with ST Rent to Own Mortgage - No deposit needed! - Minimum 12 months rental history required! ST Postcode area only.

STop renting, STart owning with ST Rent to Own Mortgage - No deposit needed! - Minimum 12 months rental history required! ST Postcode area only.

Home Renovation Variable Discount Mortgage for 2 Year

Home Renovation Variable Discount Mortgage for 2 Year

Initial Pay Rate

5.64%

Loan to Value

80%

APRC

8.6%

Fees

£1298

Product Code

MDS304

Information

Early Repayment Charge:

Incentives:

Things you need to know

Repayment Basis

Interest Only for 2 Years then reverting to Capital and Interest

Fees

£299 non-refundable application

£1,000 arrangement fee (deducted from loan on completion)

A valuation fee is payable. See fee scale for cost

Minimum Interest Rate

The interest rate on this product will not drop below 2.00%.

Incentives

None

Loan Size

Minimum Loan: £30,000

Maximum Loan: £750,000 at 80% LTV, £1,000,000 at 70% LTV, £1,500,000 at 65% LTV, £2,000,000 at 50% LTV (Loans over £500,000 will be considered on an individual basis)

Maximum Loan to Value

Purchase 80%
Remortgage 80%

Property Location

Available for loans on properties in England, Wales and Scotland (Selected Scottish Islands accepted, please refer to criteria).

What can a Home Renovation Mortgage be used for?

A Home Renovation Mortgage can be used on a property that needs repairs or renovation. It can be arranged to cover these types of non-structural works: of one or more of the following.


• New kitchen;
• New bathroom;
• New flooring;
• Plastering;
• Painting and decoration;
• New windows or doors;
• Plumbing and rewiring;
• Damp proofing/insulation;
• Replacement heating system;
• Roofing works – including solar panels;
• Landscaping/drive/garden;

In summary, non-structural works. If the work needed to the property is more extensive and also requires planning permission, then a Self-build/Renovation product is required

Procuration Fee

The Society will pay a procuration fee of 0.50% on completion to the intermediary.

Availability

This product is available for new mortgage customers only.

Early Repayment Charges

There is no early repayment charge.

Representative Example

A mortgage of £232,000.00 payable over 25 years initially on a discounted variable rate of 5.64%% which represents a discount of 2.85% off the Society’s Standard Variable Rate (SVR) of 8.49%, for 24 months and then on our SVR of 8.49% (variable) for the remaining 276 months would require 24 monthly payments of £1444.14 and 276 monthly payments of £1914.99. The total amount payable would be £556490.92 made up of the loan amount plus interest (£322707.92), a funds transfer fee of £35.00, an application fee of £299.00, an arrangement fee of £999.00 an exit fee of 125.00 and a valuation fee of £325.00. The overall cost for comparison is 8.6% APRC representative^.

Find out More or Apply

Call us on 01782 255000 (selecting option 1 – Hanley Intermediaries then option 1 – New business enquiries).

Lines are Open 9.00am to 5.00pm Monday to Friday (Wednesday 9.30am to 5.00pm).

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