Self Build Mortgage [Interest Only]
To enable self-builders to build a new house or refurbish an existing structure to live in.
Also available to Custom Builders.
Our self-build mortgage includes flexible stage payments which can make it easier on cashflow during the construction phase. Unlike some other lenders who won’t release funds until certain stages are complete, this product allows you to draw-down funds as required to suit your unique needs. (subject to underwriting approval).
A full breakdown of works together with costings and Architectural drawings is required.
A variable rate of
(1.19% discount off our SVR)
variable for 24 months.
The overall cost for comparison is
|Loan to Value (LTV)||Available up to maximum 75% Gross Development Value. Minimum 35% deposit (or equity) of current site value.|
|Arrangement fee||1.00% of the loan Other fees may apply.|
|Repayment type||Only available on interest only|
|Available for remortgages||Yes|
|Early repayment charges||None|
Your home may be repossessed if you do not keep up repayments on your mortgage
The following representative example is intended to allow you to easily compare products across lenders and does not reflect what your actual monthly payment or APRC could be. Please contact us if you have any questions regarding this.
A mortgage of £132,780 payable over 2 years on our current Standard Variable Rate Mortgage of 5.39% to give a current rate payable of 4.20% (variable) would require 24 monthly payments of £464.71.
The total amount payable would be £144,193.40 made up of the loan amount plus interest (£11,448.04), an application fee of £135 and a redemption fee of £130.
The overall cost for comparison is 4.9% APRC representative.
Fees may differ to those shown in this representative example. Current fees can be found in our tariff of charges.
Additional product information
- This mortgage is for people looking to build or refurbish their own home and is available to first-time buyers
- We will require planning permission & building regulations approval when you apply.
- Available for Custom Build.
- You must repay this mortgage within 24 months. We will not accept sale of security property as a means of repayment.
- A new home warranty/certificate is required.
- This mortgage cannot be transferred to another property.
- The interest rate charged will not fall below 2.00% (the minimum interest rate) at any point during the mortgage.
- The minimum term for this product is 6 months and the maximum term is 24 months.
- The minimum property value is £100,000.
- All applicants must be at least 21 years of age.
- Please view our mortgage services fees and our mortgage valuation fees.
This does not include all of the information you need to choose a mortgage. For full details please ask us about how you can get a illustration.
Mortgage products are subject to status and availability.
Talk to us today
To arrange an appointment with one of our Mortgage Advisers call us free on:0800 072 1100or complete the form below: