|Full Product Details|
|Availability||For self build, renovations, conversions and home improvements in England, Wales & Scotland|
|Benefits||Available to employed, self employed and contract workers for purchase/remortgage.|
|Interest rate||4.74% for 2 years
Followed by Mortgage Variable Rate (MVR) currently 5.29%
|Early repayment fee||3% for 2 years (transfer to incentivised product post build)|
|Loan size||Up to 80% of land costs, up to 80% of the build costs subject to a maximum final LTV of 80% (England and Wales only). Up to 75% of land costs and up to 75% of the build costs subject to a maximum final LTV of 75% (Mainland Scotland) £20,000 - £300,000.|
|Minimum age||21 years for all applicants. Mortgage term must end before the youngest applicant’s 70th birthday.|
|Borrowing calculation||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, or renting a property, this payment will be treated as a commitment.|
|Term||Minimum 5 years Maximum 30 years.|
|Repayment type||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.|
|Higher Lending Charge||None|
|Valuation fee (based on the estimated final value of the property when completed)||
|CCJs and Defaults||Not acceptable|
|Other fees||Lenders Completion Fee £1500 - can be added to the mortgage account
Buildloan packagers fee: £695 (£95 payable on receipt of Agreement in Principle and £600 prior to Completion of Loan)
Additional Security Fee £1300 (estimate)
|References/ Documentation required||Proof of residence
If the applicant(s) have not been on the voters roll for 3 years they must produce 3 years proof of residency. The following proofs of residency are acceptable: 2 of the following, bank/building society statement, credit card statement or Council Tax statement driving licence (if not used as ID proof), utility bill – within last 3 months. Mobile telephone bills are not acceptable.
If employed: Latest 3 consecutive payslips plus latest computerised P60. For self employed applicants or company directors we will require 3 years accounts (certified/audited) or accountants reference covering a 3 year period.
|Solicitor Requirements||The applicant must have been employed on a permanent basis for a minimum of 12 months and 6 months in current position.
Self-employed applicants self-employed for a minimum of 3 years.
Each case is considered on an individual basis. Furness may request additional information where considered appropriate and relevant to the lending decision.
|all products||application forms||producing kfis||procuration fees|