2 year discount 85% loan to value [VD002]
Discounted for 2 years
Early Repayment Charges apply.
This product may be withdrawn at any time.
Product key features
This product is available via BuildLoan.
Who's the product for?
Our range of self and custom build mortgage products have been designed to help borrowers who dream to build their own home.
The minimum mortgage amount is £50,000 and the maximum mortgage amount is £450,000.
The minimum property value upon completion of the build is £75,000 increasing to £250,000 for properties located within the M25 corridor.
The maximum loan to value is 85% during the build phase.
Mortgage repayment terms
The minimum repayment term is 5 years and the maximum repayment term is 35 years.
You will only qualify for this product for 2 years from inception, by which time the build must be completed and you can then apply for any suitable product from our standard mortgage range.
Interest rate floor
The interest rate is floored which means that the rate on your mortgage cannot drop below 4.74%.
Early Repayment Charges
Your client can repay up to 10% of the original mortgage amount each year without being charged. Payments that exceed 10% will be subject to an Early Repayment Charge.
Additionally, if they redeem their mortgage or switch to another product during the discount rate product term then an Early Repayment Charge will apply.
The Early Repayment Charge will be calculated as follows:
- 2% of the amount repaid for the first year; and
- 1% of the amount repaid for the second year.
We're here to help
- Discuss your clients needs
- Help you use our website
- Talk through our lending criteria
- Answer any queries you may have
Your home may be repossessed if you do not keep up repayments on your mortgage.