Buildloan Self-Build Mortgage (£700,001 - £1,200,000)

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Self Build Mortgages
Buildloan Self-Build Mortgage (£700,001 - £1,200,000)

Product details

Maximum Loan To Value (LTV)

70%

Initial Interest Rate

6.60%

Follow On Variable Rate for 4 Years

7.34%

Standard Variable Rate thereafter

8.59%

Overall Cost for Comparison (APRC)

8.20%

Interest Calculated

Daily

Initial Interest Rate: 6.60% (1.99% discount from our Standard Variable Rate for 2 years. The discount is subject to a minimum interest rate floor of 2.00%)

 

During construction 75% of land cost or build cost subject to a maximum final LTV of 70% of the completed property value.

 

This is a limited issue and the Society reserves the right to withdraw this scheme without notice at any time.

Mortgage Summary

The following is a representative example based on a mortgage of £700,000 payable over 25 years initially on a discounted variable rate of 6.60% for 2 years, a further discounted variable rate of 7.34% for 4 years, followed by our Standard Variable Rate of 8.59%. In this example you would make 24 monthly payments of £4,770.28 payments of £5,081.91 and 228 monthly payments of £5,559.96. This example assumes the repayment method is capital and interest.

The total amount payable would be £1,631,444.28 made up of the loan amount plus interest of £926,089.28 and the following costs, a Scheme Fee of (£3,500), a Chaps/Telegraphic Transfer fee (£25.00), a Valuation Fee (£945.00), a Packager's Fee (£695.00), and Application Fee (£115.00) and a Mortgage Exit Administration Fee (£75.00).

The overall cost for comparison is 8.2% APRC representative.

Note: What you will pay may vary from this and will depend on your personal circumstances.

Early Repayment Charge

1.99% of the redemption balance for 1 year.

Application Fee

There is a £115 application fee payable on this product.

Scheme Fee

0.5% of the loan amount (can be added to the loan, subject to LTV and lending criteria, or paid on completion. Fees added to the loan will accrue interest. Further details are available on application).

Build Out Cover

An additional security fee to purchase a policy which protects the lender against loss for 3 years if the property is repossessed. Paid by the applicant directly to Buildloan prior to completion. This fee is refundable should your mortgage not complete. Details of the fee are available from Buildloan.

Mortgage Exit Administration Fee

£75 (paid on redemption).

Standard Valuation Fee

Paid directly to valuer by the applicant. A standard mortgage valuation is required on all properties. The Valuer will re-inspect at wind and watertight and final completion stages. Valuation and re-inspection fees can be viewed on our website www.chorleybs.co.uk/valuation-fee-scale-self-build/

Procuration Fee

A Procuration fee will be paid to Buildloan and the Introducer by the Society upon completion of the mortgage. Please refer to your Introducer for details.

Buildloan Arrangement Fee

Paid by the applicant to Buildloan prior to completion. Non-refundable.

Age

Minimum - 21

Maximum - 85 (Interest Only and Part & Part Mortgages)

                   - 90 (Repayment Mortgages)

Term

Minimum - 2 years

Maximum - 40 years

Loan Size

Minimum - £700,001

Maximum - £1,200,000 inclusive of fees (Maximum Loan amounts vary by LTV, please refer to our current criteria for details)

Availability

Not available to customers who meet the Credit Renew criteria.

Repayment Type

Interest only payments are permitted during the build phase. On the final release of funds or after 3 years, whichever is soonest, the mortgage will revert to a capital and interest repayment basis. If an interest only repayment type is required for the remainder of the mortgage term, this is permitted subject to meeting our interest only criteria.

Overpayments

The Society will allow overpayments of up to 10% of the capital balance per annum without invoking an early repayment charge.

Portability

You can keep this mortgage should you move to a new property. This mortgage is portable subject to your status meeting our criteria.

Insurance

If there is an existing structure on site Buildings insurance must be in place on completion of the mortgage. Contract works cover must be put in place before works start. Upon completion of works, buildings insurance is compulsory in all instances.

What you can expect from us:

  • Individual advice from friendly, qualified mortgage advisers.
  • Legal & valuation incentives (subject to product terms and conditions).
  • A flexible approach to your lending needs.
  • A personal service – one point of contact.
  • A choice of interest-only or capital repayment methods, or a combination of both.
  • We will guide you every step of the way.

At Chorley Building Society, we aim to help you find the mortgage that’s right for you and provide you with the best possible service. Whether looking to purchase a home or remortgage, we are here to help.