Buildloan Self-Build Mortgage (£100,000 – £300,000)

Maximum Loan to Value (LTV) During construction 85% of land cost or build cost subject to a maximum final LTV of 80% of the completed property value.
Initial Variable Interest Rate, currently: 3.95% (1.29% discount from our Standard Variable Rate for 3 years. The discount is subject to a minimum interest rate “floor” of 2.00%).
Followed by our Standard Variable Rate thereafter, currently: 5.24% (The Society’s Standard Variable Rate is set by its Board of Directors).
The Overall Cost for Comparison is: 5.2% APRC
Interest Calculated: Daily

 

Age
Minimum – 21 years

Term
Minimum – 3 years
Maximum – 40 years

Minimum Loan £100,000

Maximum Loan £300,000 inclusive of fees (Maximum Loan amounts vary by LTV, please refer to our current criteria for details)

Not available to customers who meet the Credit Renew criteria.

The following multiples apply:

For 1 or 2 Applicants Up to 4.49 x Total Income

For 3 or 4 Applicants Up to 3.25 x Total Income

Our decision to lend will depend on whether the loan is affordable, which we will determine from an assessment of your income and other financial commitments, alongside the impact of future interest rate increases. To get an idea of how much you may be able to afford please speak to your mortgage advisor.

 

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.

Application Fee There is a £115 application fee payable on this product.
Scheme Fee £1499 (can be added to the loan, subject to LTV, or paid on completion. Fees added to the loan will accrue interest. Further details are available on request).
Additional Security Fee 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).
Valuation Fee Paid directly to valuer by the applicant – see Valuation Fee Scale for details.

A standard mortgage valuation is required on all properties. The Valuer will re-inspect before each stage release. Valuation and re-inspection fees are recorded on a separate fee listing available from Buildloan.

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.

 

Early Repayment Charge 1.29% of the redemption balance during year 1.
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.
Representative Example: The following is a representative example based on a mortgage of £201,384.00 over 25 years initially on a discount rate of 3.95% for three years followed by our standard variable rate of 5.24%. We would require an initial payment of £1,187.90 then 35 monthly payments of £1,057.50 and 264 payments of £1,190.80.

The total amount payable would be £355,635.60 made up of the loan amount, plus interest of £151,187.60 and the following costs a Scheme Fee (£1,499.00), an Application Fee (£115), Funds Transfer Fee (£25.00), Valuation fee (£505.00), Buildloan Arrangement Fee (£695.00), Legal Fees (£150.00), Mortgage Exit Administration fee (£75.00).

The overall cost for comparison is 5.2% APRC representative.

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