Light Refurbishment Discount Mortgage for 1 Year

5.64% Initial Pay Rate for 1 Year which represents a 2.85% discount off our Standard Variable Rate Followed by the Society's Standard Variable Rate for the remaining term currently 8.49%

Interest Only for 1 Year then reverting to Capital and Interest

£299 non-refundable application

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

A valuation fee is payable. See fee scale for cost

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

None

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)

Purchase 80%
Remortgage 80%

Overpayments of up to 10% of the mortgage balance are permitted during the first year and may be made by monthly standing order. Any additional overpayments above 10% during this period will attract a penalty calculated on the amount of the additional payments

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

A light refurbishment mortgage can be used on a property that needs repairs or refurbishment. 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

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

This product is available for new mortgage customers only.

If this mortgage is repaid in full or in part in the first year an early repayment charge will apply. This will be 2% of the balance repaid during this period.

Example – The maximum early repayment charge you could pay is £4,424.66 based on £221,233.00.

A mortgage of £221,233 payable over 25 years initially on a discounted rate of 5.64% for the first year and then on our Standard Variable Rate (SVR) of 8.49% (variable) for the remaining 24 years would require 12 monthly payments of £1,377.12 and 288 monthly payments of £1,767.92.

The total amount payable would be £527,501.81 made up of the loan amount plus interest (£304,454.81), a Funds transfer fee of £35, a Valuation fee of £355 and a Mortgage Exit Fee of £125. a non-refundable £299 application fee and an arrangement fee of £1,000.

The overall cost for comparison is 8.3% APRC representative

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).