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Early Repayment Charge
No early repayment charge on this product.
Mortgage Exit Administration Fee
£75.00 (payable on redemption)
Self-Build - 1 Year Extension 80% LTV
Maximum Loan To Value (LTV)
80%
Initial Interest Rate
7.20%
Standard Variable Rate thereafter
8.59%
Overall Cost for Comparison (APRC)
8.80%
Interest Calculated
Daily
Initial Interest Rate: 7.20% (1.39% discount from our Standard Variable Rate for 1 year. The discount is subject to a minimum interest rate floor of 2.00%).
For loans up to £600,000, during construction 85% of land cost or build cost subject to a maximum final LTV of 80% of the completed property value.
For loans over £600,000, 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 £200,00.00 payable over 25 years initially on a discounted variable rate of 7.20% for 1 year followed by our Standard Variable Rate of 8.59%. In this example you would make 12 monthly payments of £1,439.18, followed by 288 monthly payments of £1,617.81.
The total amount payable would be £483,274.44 made up of the loan amount plus interest of £283,199.44, and a Mortgage Exit Administration Fee (£75.00).
The overall cost for comparison is 8.8% APRC representative.
Note: What you will pay may vary from this and will depend on your personal circumstances.
Age
Minimum - 21
Maximum - No Maximum Age
Term
Minimum - 1 Year
Maximum - 40 Years
Loan Size
Minimum - £5,000
Maximum - £1,200,000 (Maximum Loan amounts vary by LTV, please refer to our current criteria for details)
Availability and Suitability
Available for existing Chorley Building Society mortgage customers with a self-build mortgage secured against their property, who require a product scheme extension to complete their build. This type of product may be suitable if you do not mind your payments varying as interest rates change.
Overpayments
Unlimited overpayments permitted. The Society reserves the right to request evidence of source of funds.
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
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.