Maximum Loan To Value (LTV)
80%
Initial Interest Rate
5.09%
Standard Variable Rate thereafter
8.39%
Overall Cost for Comparison (APRC)
7.50%
Interest Calculated
Daily
Initial Interest Rate: 5.09% (3.30% discount from our Standard Variable Rate for 2 years. The discount is subject to a minimum interest rate floor of 2.00%).
During construction 85% of land cost or build cost subject to a maximum final LTV of 80% 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.
Please note this representative example takes into account the reduction in interest rates due to take effect on 25th July 2025.
Initial Interest Rate (5.09% reducing to 4.99%), Standard Variable Rate rate (8.39% reducing to 8.29%) and Follow on Variable Rate (7.14% reducing to 7.04%). The representative example uses the lower Initial Interest Rate of 4.99%, Standard Variable Rate of 8.29% and Follow on Variable Rate of 7.04%.
The following is a representative example based on a mortgage of £200,000 payable over 25 years initially on a discounted variable rate of 4.99% for 2 years, a further discounted rate of 7.04% for 4 years, followed by our Standard Variable Rate of 8.29%. In this example you would make 24 monthly payments of £1,168.02, followed by 48 monthly payments of £1,402.79, followed by 228 monthly payments of £1,536.32
The total amount payable would be £445,697.36 made up of the loan amount plus interest of £245,647.36, and a Mortgage Exit Administration Fee (£50.00).
The overall cost for comparison is 7.5% APRC representative.
Note: What you will pay may vary from this and will depend on your personal circumstances.
Early Repayment Charge
2.50% of the redemption balance for 1 year.
1.50% of the redemption balance for 2 year.
Mortgage Exit Administration Fee
£50.00 (payable on redemption)
Procuration Fee
Please note that if you apply for a product switch via an intermediary a Procuration Fee will be paid by the Society upon completion of the mortgage. Please refer to your mortgage intermediary for details.
Age
Minimum - 21
Maximum - 85 (Interest Only and Part & Part Mortgages)
- 90 (Repayment Mortgages)
Term
Minimum - 1 Year
Maximum - 40 Years
Loan Size
Minimum - £120,000
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 have had their initial product for at least 6 months and have reached a Wind and Watertight stage of the build. This type of product may be suitable if you do not mind your payments varying as interest rates change.
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
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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