Self Build Mortgage - Stages [Interest Only]
To enable self-builders to build a new house or refurbish an existing structure to live in.
Funds will be provided in stages in-line with the progress of the build.
A Full breakdown of works together with costings and Architectural drawings required including a breakdown for each stage listed below:
Set Stage Payments
- Foundations laid
- Property built to eaves level
- Roof watertight
- Interior walls plastered
remaining on variable rate terms for rest of mortgage.
The overall cost for comparison is
Hover over the to find out more information.
|Maximum term||24 months
(at which point remortgage is required)
|Loan to Value (LTV)||Available up to maximum 75% Gross Development Value|
|Arrangement fee||2.00% of the loan|
|Available for remortgages||Yes|
|Early repayment charges||2% of the loan|
|Overpayments||Yes up to 10% of the advance|
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 lender 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 £461,338 payable over 2 years 0.20% above our current Standard Variable Rate Mortgage of 5.39% to give a current rate payable of 5.59% (variable) would require 24 monthly payments of £2,149.07.
The total amount payable would be £515,017.95 made up of the loan amount plus interest (£53,709.69), an application fee of £135 and a redemption fee of £130.
The overall cost for comparison is 6.9% APRC representative.
Important Product Information
- Planning permission & building regulations required.
- Not available for barn conversions or land purchase.
- Owner occupied only.
- Maximum term 24 months.
- This is an interest only mortgage which means that your monthly payments will only repay the interest. You will still be required to repay the capital borrowed as a lump sum at the end of the term.
- Minimum property value is £100,000.
- Initial drawdown must be at least £1,000.
- At any time during the life of the mortgage, the applied rate will not go below a floor of 3.00%.
- This mortgage is not portable.
- Not available to customers with County Court Judgements, Defaults, Individual Voluntary Arrangements, Bankruptcy, Repossession, Arrears (unsecured and secured, such as mortgage) etc.
- Other fees may apply. Please view our mortgage services fees and our mortgage valuation fees and ask us for the separate Mortgage Illustration for fees that will apply to your application.
- Self Build Additional Information
- Self Build Stage Release Guide