Interest Only for Term - Variable Discount for 2 Years (Arrears)
This shows what you'll pay each month during your initial deal period. It doesn't consider any charges or fees if you decide to make any changes to your mortgage. Please note this is only an estimate.
Interest Only for Term - Variable Discount for 2 Years (Arrears)
Initial Pay Rate
6.15%
Loan to Value
70%
APRC
8.3%
Fees
£1498
Information
Early Repayment Charge: Yes
Incentives: No
Things you need to know
Interest Only for the term of the mortgage (Applicants must meet the Society's Interest Only Criteria)
Non-refundable Application Fee: £299.00
Arrangement Fee: £1,199.00 (Deducted from loan on completion)
Valuation fee: Subject to property value
The interest rate on this product will not drop below 2.00%.
None.
Minimum Loan: £30,000
Maximum Loan: £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 - 70% (Land/Construction or Renovation End Valuation) Remortgage - 70% (Land/Construction or Renovation End Valuation)
Overpayments of up to 10% of the mortgage balance are permitted each anniversary year during the first 2 years 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.
This product is available for new mortgage customers only.
This product is available for custom-build.
If this mortgage is repaid in full 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 £4,424.66 based on £221,233.00.
A mortgage of £221,233.00 payable over 25 years initially on a discounted variable rate of 6.15% which represents a discount of 2.34% off the Society's Standard Variable Rate (SVR), for 2 years and then on our SVR of 8.49% (variable) for the remaining 276 months would require 24 monthly payments of £1,133.82 and 276 monthly payments of £1,565.22. The total amount payable would be £682,484.34 made up of the loan amount plus interest (£459,213.34), a funds transfer fee of £35.00, an application fee of £299.00, an arrangement fee of £1,199.00, a valuation fee of £380.00 and a mortgage exit fee of £125.00.
The overall cost for comparison is 8.3% APRC representative^.
To found out more about Self-build mortgages, read our guide HERE.
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Mortgage Enquiry
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