Maximum Loan To Value (LTV)
40%
Initial Interest Rate
5.11%
Follow On Variable Rate for 4 Years
6.39%
Standard Variable Rate thereafter
8.14%
Overall Cost for Comparison (APRC)
7.38%
Interest Calculated
Daily
Initial Interest Rate: 5.11% (3.03% discount from our Standard Variable Rate for 2 years. The discount is subject to a minimum interest rate floor of 3.00%)
Follow on Discounted Rate: 6.39% (1.75% discount from our Standard Variable Rate for 4 years. The discount is subject to a minimum interest rate floor of 3.00%)
During construction 40% of land cost or build costs subject to a maximum final LTV of 40% 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.
The following is a representative example based on a mortgage of £180,000 over 25 years initially on a discounted rate of 5.11%, for a total of 2 years, followed by a discounted rate of 6.39% for 4 years and then by our Standard Variable Rate of 8.14%. In this example you would make 1 payment of £1,851.42, 22 monthly payments of £1,070.22, 48 payments of £1,194.72, 224 monthly payments of £1,356.52 and 1 payment of £496.26.
The total amount payable would be £389,993.56 made up of the loan amount, plus interest of £207,099.56, a Funds Transfer Fee (£25.00), Valuation fee (£625.00), a Scheme fee of (£1,499.00), a Buildloan Arrangement fee (£695.00), and a Mortgage Exit Administration fee (£50.00).
The overall cost for comparison is 7.38% APRC representative.
Note: What you will pay may vary from this and will depend on your personal circumstances.
Build Out Cover
The Society will pay Buildloan up to a maximum of £560.00 towards the borrower’s buildout cover fee.
Application Fee
There is no application fee for this product.
Early Repayment Charge
There is no early repayment charge for this product.
Scheme Fee
£1,499 (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
£50.00 (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 - £150,000
Maximum - £1,400,000 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
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
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.
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.
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