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| Product |
 Full Status 2 Year Arrears Stage Payment Mortgage funded by BM Solutions. Bank base rate + 4.99% for 2 years (5.49%) then Bank of England Base Rate + 4.34% for the life of the loan(currently 4.84%) + £500 cashback.
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Availability |
Available for properties being built in England, Scotland, Wales and Northern Ireland. |
Benefits |
Available to employed, self employed and contract workers. Available to first time buyers. |
Purpose |
Building a property as a principal residence. Detached properties only. Not available for renovations/conversions. |
Interest rate |
5.49% |
Early repayment fee |
3% of loan to be paid within first 2 years |
Loan size |
75% £25,001 - £1m |
Minimum age |
18 years for all applicants
Maximum age 65 at the end of the mortgage term. |
Borrowing calculation |
The maximum borrowing is based on affordability taking account of the client's expenditure and regular commitments including credit card balances (5% of outstanding balance). If the borrower is staying in their current house during the build, the current mortgage payment will be treated as a commitment. |
Term |
Minimum 5 years
Maximum 40 years |
Portable |
Yes |
Repayment type |
Repayment, interest only or a combination of both. (It is the borrower's responsibility to ensure that on interest only mortgages a means of repaying the loan at the end of the term is arranged). |
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| Higher
Lending Charge |
None |
| Valuation fee (based on the
estimated final value of the property when completed) |
BM Solutions Valuation scale |
NOT EXCEEDING |
(Inclusive of VAT and £150 admin fee) |
£50,000 |
£290 |
£100,000 |
£330 |
£150,000 |
£365 |
£200,000 |
£405 |
£300,000 |
£480 |
£400,000 |
£550 |
£500,000 |
£615 |
£600,000 |
£670 |
£700,000 |
£730 |
£800,000 |
£785 |
£900,000 |
£840 |
£1,000,000 |
£895 |
Fee includes administration charge of £150 and VAT if applicable
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| CCJs and Defaults |
Max 2 satisfied CCJ’s or Defaults up to max of £500 within the last 2-6 years and Max 1 satisfied CCJ or Default up to a max of £250 within the last 2 years. |
| Other fees
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Completion fee: 1.5% of loan (can be added to the advance)
Telegraphic Transfer Fee: £35.No fee is payable on payments sent by direct credit to customer's bank account.
Buildloan arrangement fee: £395 |
References/
Documentation required |
Proof of residence
If the applicant(s) is/are not on the voter’s roll at the current address, proof of residence must be
provided: e.g. bank/building society statement, credit card statement, or Council Tax statement.
Documentation required
All first time buyers:
• 3 months’ bank statements
If employed:
• Latest 3 payslips or latest payslip plus P60 or latest payslip plus 3 months’ bank statements If self-employed:
• Latest 2 years’ accounts or 2 years’ Inland Revenue Self-assessments
All existing mortgage holders/local authority tenants:
• Latest lender’s or landlord’s statement
• Schedule and cost of works
• Plans and Planning Permission must be provided to the valuer for review on or prior to inspection of the plot/property. Planning Permission must be dated not more than one year prior to the date
of application.
Accounts
For loans of up to £100,000, accounts provided by a bookkeeper will be accepted. |
Minimum employment period |
Employed applicants will be expected to have been employed for a minimum of 6 months in their current job and had 12 months continuous employment.
Self-employed applicants would normally be expected to have been self-employed for a minimum of 2 years.
Each case is considered on an individual basis. BM Solutions may request additional information where considered appropriate and relevant to the lending decision. |
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