This mortgage allows you to finance the purchase of a property which requires renovation and to finance the renovation of the property by releasing monies in stages as the renovation progresses rather than in a single payment. The maximum Loan to Value (LTV) is the amount of a mortgage expressed as a percentage of the end valuation.
|Period of loan||Rate Payable||Additional Information|
|Month 1 onwards||4.85% variable rate*||£250 application fee|
|The overall cost for Comparison is||4.90% APRC||1% of total (less the application fee) – can be added to loan|
|Month 25 onwards||3.80% variable rate*|
|The overall cost for Comparison is||3.80% APRC|
|For term of the loan, the overall APRC is 4.00%.|
* Standard Variable Rate (SVR) for months 1-24 and from month 25, 1.05% discount off Standard variable Rate (SVR) for remainder of term of loan
This mortgage allows you to finance the purchase of a plot of land and to finance the building of a new self build property by releasingmoney in stages as the build progresses rather than a single amount. The maximum loan to value (LTV) is the amount of a mortgageexpressed as a percentage of the end valuation.
|Application Fee||£250 (payable on application and non-refundable)|
|Arrangement Fee||1% of total (less the application fee) – can be added to loan if total borrowing does not exceed maximum loan to value|
|Valuation Fee||£499 for properties up to £500,000 in Wales (subject to confirmation from the valuer) and by request for all properties in England / properties over £500,000 in Wales. Re-inspection Fee is £180 per re-inspection.|
|Maximum Loan to Value (%)||70% across Wales and Welsh Borders|
|Loan size||£25,000 to £750k|
|Repayment Type||Interest only for the first 24 months and from month 25 repayment only.|
|Early Repayment Charge||During the first three years, an early repayment charge of 2% of the loan amount is payable.
After this period, no early repayment charges apply.
Regular overpayments are permitted. Regular overpayments are amounts collected with, in addition to, your monthly mortgage payments. You may make capital repayments without an early repayment charge being levied as long as the mortgage is not redeemed in full (a minimum balance of £500 must be kept on the account) within the 3 year early repayment period. Following receipt of a lump sum payment, the amount that you owe, and so the amount of interest you pay is reduced immediately.
Based on a loan of £190,000 for 25 years, on the standard variable rate of 4.85% for 24 months plus a discounted rate of 3.80% for the remaining term of the mortgage, the total amount payable would be £324,686.39 made up of the loan amount plus interest repayable by 1 monthly instalment of £793.27 followed by 23 monthly instalments of £767.92 followed by 276 monthly instalments of £1,033.54.
Charges included in the total cost of the loan are:
The overall cost for Comparison is 4.00% APRC representative