This product is available for new mortgage customers only.
This product is not available for custom-build.
Low Start – Interest Only for the first two years reverting to Capital & Interest for the remaining term.
Application Fee paid to The Hanley Economic Building Society on application and is non-refundable £299.00. Arrangement Fee paid to The Hanley Economic Building Society. The fee can be paid on application or deducted from the loan on completion and interest will be charged on the fee. This fee is non-refundable, except in cases where the application does not proceed to completion £1700.00. Valuation Fee paid to The Hanley Economic Building Society on application and is non-refundable after valuation is carried out. The fee charged is dependent upon the price of the property. See fee scale for cost (https://www.thehanley.co.uk/intermediaries/mortgage-and-valuation-charges). CHAPS fee is paid to The Hanley Economic Building Society. The fee can be paid on application or deducted on completion of the loan and interest will be charged on the fee. This non-refundable fee covers the electronic transfer of mortgage funds to you or your solicitor, unless the application does not proceed to completion £35.00.
The interest rate on this product will not drop below 2.00%.
None.
Minimum £30,000 Maximum £1,000,000. Please refer to the following page for more information which details limits by lending type and basis https://www.thehanley.co.uk/maximum-ltv-and-loan-amounts.
Purchase 80% (Land / Construction or Renovation End Valuation).
Remortgage 80% (Land / Construction or Renovation End Valuation).
Overpayments of up to 10% of the mortgage balance are permitted each anniversary year for the first 2 years and may be made by monthly standing order or in a lump sum. Any additional overpayments above 10% during this period will attract an early repayment charge 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).
If this mortgage is repaid in full, or in part, before during the first 2 years 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 £8,834.70 based on an initial mortgage balance of £441,735.00.
A mortgage of £441,735.00 payable over 28 years initially on an interest only discounted variable rate of 6.20% which represents a 1.54% discount off the Society's Standard Variable Rate (SVR), for 2 Years and then on our SVR of 7.74% (variable) on a capital and interest basis for the remaining 26 years would require 24 monthly payments of £2,282.30 and 312 monthly payments of £3,292.09. The total amount payable would be £1,084,600.89 made up of the loan amount plus interest (£640,171.89), an application fee of £299.00, an arrangement fee of £1,700.00, a valuation fee of £535.00, a CHAPS fee of £35.00, a mortgage exit fee of £125.00. The overall cost for comparison is 7.8% APRC representative^.
To found out more about Self-build mortgages, read our guide HERE.
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