3 Year Variable Tracker Mortgage

Full Status 3 Year Variable Tracker Advance Stage Payment Mortgage funded by The Melton Mowbray Building Society. SVR + 0.25% for 3 years (5.24%) then SVR for the remainder of the term (currently 4.99%).

Available for self build, renovation and conversion properties being built within 70 mile radius of Melton Mowbray
(view map showing area)

Available to employed, self employed and contract workers for purchase/remortgage.

5.24%

3.25% of loan to be paid within first 2 years

Up to 85% of land costs, up to 85% of the build costs Subject to a maximum final LTV of 75% £25,001 - £375,000

30 years for all applicants Maximum age 65 at the end of the mortgage term.

The maximum borrowing is based on affordability taking account of the client's expenditure and regular commitments. If the borrower is staying in their current house during the build, the current mortgage payment will be treated as a commitment.

Minimum 5 years Maximum 30 years repayment 40 years interest. Maximum 25 years where LTV exceeds 75% during construction.

Yes

Linked Savings/Offset Account. Borrowers have the option of linking their mortgage to an Offset Share account. This could be of use during the project to reduce interest paid and at the end of the project when the house is sold. The interest rate on this savings account will be 0%. Maximum savings 20% of loan amount (eg. 20% of max loan size £375,000).

Repayment (capital and interest), 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).

None

Not acceptable.

Completion fee: 1.5% of loan (can be added to the advance)

Telegraphic Transfer Fee: £25 each release

Insurance admin fee (if buildings cover not taken out via Melton Mowbray) £25

Buildloan arrangement fee: £495 (due on offer of mortgage and payable prior to completion of the loan)

Additional Cashflow Benefit £710 (estimate)

Lender Conveyancing Fee payable to solicitor £188 (estimate) cannot be added

Mortgage Discharge Fee £90 payable on redemption.

Deeds release fee £50 payable on redemption.

Title Insurance £73.50 (can be added to the advance).

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 (not more than 3 months old), Council Tax statement, current full UK driving license.

Documentation required
If employed : Latest 3 consecutive payslips plus latest computerised P60. For self employed applicants or company directors we will require 2 years plus a projection for next year. (certified/audited) or accountants reference

If the personal identification does not include a signature we will also require a bank card or credit card to verify the customer's signature.

Accounts
Acceptable Accountants qualifications are AAT, ACA, ACCA, ACMA, CPFA, FCA, FCCA, FCMA

Employed applicants must have been employed in their current job for a minimum of 3 months. Applicant must have been in continuous employment for 12 months having held no more than 3 jobs within this period.

A reference will be required for any previous job which the applicant has held during the last 12 months.

Employment by fixed term contract must have been renewed at least once, have 6 months to run to renewal.

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. Melton Mowbray may request additional information where considered appropriate and relevant to the lending decision.