A short term lending option for applicants that are needing to keep their property in the background to reside in, but will be selling on completion of their build to repay our loan.
Collateral charge to be placed on the current residential property - subject to a maximum of 60% of the value of the current residential property.
The self-build loan will need to be in the same name as the residence so that the charges are the same and the applicants are the same.
This product is only available via Build Store.
A short term lending option for applicants that are needing to keep their property in the background to reside in, but will be selling on completion of their build to repay our loan.
Collateral charge to be placed on the current residential property - subject to a maximum of 60% of the value of the current residential property.
The self-build loan will need to be in the same name as the residence so that the charges are the same and the applicants are the same.
This product is only available via Build Store.
A mortgage of £255,000 payable over 3 years initially on a variable rate which is 0.61% above our Standard Variable Rate, currently 5.39%, giving a pay rate of 6.00% for 3 years on an interest only basis would require 36 payments of £1,275.00.
The total amount payable would be £310,412.00 made up of the loan amount plus interest (£45,900.00), a product fee (£6,375), a valuation fee (£310), a desk top valuation admin fee for current property (£95), legal fees (£312), an exit fee (£100), a Build Loan security fee (£1,600), a Build Loan packager fee (£695) and a funds transfer fee (£25).
The overall cost for comparison is 7.6% APRC representative.
This product accepts our standard credit criteria click here for details
There is no early repayment charge for this product.
Overpayments are not permitted during initial rate.
These mortgages are available on an interest only basis during the 3 year mortgage term. Payments must be made monthly by direct debit.
Advances are made in advance based on the valuer's estimate of the value once the next stage is completed for the following stages:
Stage 1 – Land with full planning permissions (max 80% Loan to cost)
Stage 2 – Foundations to damp proof level (max 85% Loan to cost)
Stage 3 – Wall plate level (max 85% Loan to cost)
Stage 4 – Roof on and watertight ( max 85% Loan to cost)
Stage 5 – Plastered out first fix ( max 85% Loan to cost)
Stage 6 – Fully completed ( max 80% LTV)
The build must start within 6 months of the offer.
The build must complete within 24 months of the first stage release.
Maximum LTV on the release of funds at completion not exceeding 80% up to £500,000. Please contact us for full details.
The minimum age for all applicants is 25. There is a maximum age limit of 75. Cases are considered on individual circumstances.
Minimum loan size £150,000
Maximum loan size £500,000
Minimum property value is £187,500.
The maximum mortgage term is 3 years dependent on individual circumstances.
This product is not portable.
Interest is calculated daily on the balance outstanding and added to the account the following month.
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