Light Refurbishment - Discount Mortgage for 1 Year

This product is available for new mortgage customers only.

This product is not available for custom-build.

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)

Valuation Fee: A valuation fee is payable on application and is non-refundable. The fee charged is dependent upon the price of the property

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

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

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

To found out more about Self-build mortgages, read our guide HERE.

Call us on 01782 255000.

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