|Full Product Details|
|Availability||For self build, renovations, conversions in England & Wales|
|Benefits||Available to employed, self employed and contract workers for purchase/remortgage.|
|Interest rate||5.54% - SVR + 0.60% for term
This product has a collar and as such the variable rate of interest will not drop below 2.00%.
|Early repayment fee||3% of loan to be paid within first 2 years|
|Loan size||Up to 85% of land costs, up to 85% of the build costs subject to a maximum final LTV of 80% Max Loan £500,000|
|Minimum age||25 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, the current mortgage payment will be treated as a commitment.|
|Term||Minimum 1 year Maximum 40 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||Application fee £250 payable up front
Lender's Completion Fee £750 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 £1500 (estimate)
|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 (not more than 3 months old), Council Tax statement, current full UK driving license, utility bills within last 3 months. Mobile phone statements not accepted.
If employed : 3 months payslips, P60 & employment reference. For self employed applicants or company directors we will require 3 years accounts plus a (certified/audited) or 3 years 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.
Acceptable Accountants qualifications are ACA, ACCA, FCA, FCCA, CIMA, CIBA, CIPFA
|Minimum employment period||Employed applicants must have been employed in their current job for a minimum of 6 months.
Self-employed applicants self-employed for a minimum of 3 years.
Each case is considered on an individual basis. May request additional information where considered appropriate and relevant to the lending decision.
|all products||application forms||producing kfis||procuration fees|