Our mortgage customers say...
Mortgage customer read more"You soon get to know the people you are dealing with, which helps to take the stress out of your mortgage."Mrs Main
arrangement fee
no fee
This can be paid up-front or added to the mortgage. Bear in mind that if you add the fee to your mortgage, you'll pay interest on it at the same rate as your mortgage and as a result will pay more interest over the term of your mortgage.
booking fee
no fee
This fee must be paid when you apply for your mortgage.
initial rate
4.64%
0.30% discount from our Standard Variable Rate for two years from inception
followed by our SVR
4.94%
Our Standard Variable Rate (or SVR) reflects our cost of lending using a number of factors, including the Bank of England Base Rate. As the SVR is a variable rate it can change at any time.
the overall cost for comparison is
5.1%
APRC
Discounted for 2 years . Early Repayment Charges apply. . This product may be withdrawn at any time.
Product key features
- Product availability
- Who's the product for?
- Mortgage amounts
- Interest rate floor
- Early Repayment Charges
- Mortgage tariff of charges
- Representative example
Product availability
This product is available via BuildStore. We will not provide advice on this product.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Mortgage amounts
The minimum mortgage amount is £50,000 and the maximum mortgage amount is £600,000.
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 should be completed and you can apply for any suitable product from our standard mortgage range.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Interest rate floor
The interest rate is floored which means that the rate on your mortgage cannot drop below 4.64%.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Early Repayment Charges
Early Repayment Charges apply during the product term. Up to 10% of the original mortgage amount can be overpaid each year without charge, however, if the mortgage is redeemed or switched to another product during the product term, then the full amount of the 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.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Mortgage tariff of charges
The fees and charges that can apply during the term of your mortgage are detailed on our mortgage tariff of charges download.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Representative example
A mortgage of £145,500 payable over 16 years and 6 months initially on a discounted variable rate for 2 years from inception, currently 4.64% (equal to a 0.30% discount from our SVR) and then our SVR, currently 4.94% for the remaining term would require an initial payment of £1,098.02 followed by 21 monthly payments of £1,079.43 and 170 monthly payments of £1,099.94.
The total amount payable would be £212,380.85 made up of the mortgage amount plus interest (£65,255.85) with legal fees of £150, a valuation fee of £325, Build Out Insurance cover of £1,000, telegraphic transfer fees of £25 and mortgage exit fees of £125.
The overall cost for comparison is 5.1% APRC representative.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Resources to get you started
tools and guides
FAQs
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- What types of property do you lend on?
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We will lend on most properties built using standard construction methods and materials (brick or stone walls with a tiled or slated roof). We can also consider the following property types (subject to valuation):
- Timber framed walls with brick cladding;
- Thatched roof properties;
- Grade 2 listed;
- Prefabricated reinforced concrete (PRC) repaired properties that have the benefit of a 30 year insurance backed guarantee and structural warranty.
However, we will not lend on flats and apartments in blocks above five storeys high and we will not lend on ex-local authority flats or maisonettes.
If you're unsure whether your property type fits our criteria, please contact us and a Mortgage Adviser will be happy to help. Call 0121 557 2551, visit a branch or complete our online form.
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- What should I do if I am having difficulties paying my mortgage?
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If you are experiencing difficulties in keeping up with your monthly repayments you should contact us as soon as possible so that we can ensure you get the right help and advice. You can contact us by completing our contact form, or calling our specialist team on 0121 557 2551.
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- How much can I borrow?
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One of our Mortgage Advisers will assess your affordability during your appointment, however you can use our online affordability calculator to get an idea of what you may be able to borrow. To book an appointment please call us on 0121 557 2551, visit one of our branches or complete our contact us form.
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- How much is a valuation fee?
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A standard valuation report is used to calculate how much we will lend you. This is separate from any valuation or survey of the property you might want to commission for your own use. There are other homebuyers or structural survey options available to you at additional cost.
Some of our mortgages offer free valuations and the product pages will tell you if this is the case. Our mortgage valuation charges page will provide details of the costs incurred for both a standard valuation and the more detailed homebuyers report.
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We're here to help
- Discuss your circumstances
- Help you get the right mortgage
- Talk through our lending criteria
- Answer any queries you may have
Laurence, our Mortgage Adviser is here to help
0121 557 2551*
Our lines are open:
*Calls from landlines are charged at the standard rate. Calls from mobiles may vary.
| Monday - Tuesday | 09:00 - 17:00 |
| Wednesday | 09:30 - 17:00 |
| Thursday - Friday | 09:00 - 17:00 |
| Saturday | 09:00 - 12:00 |
| Sunday | Closed |
Our mortgage customers say...
Mortgage customer read more"My experience with the Society has allowed me to get a mortgage I am happy with and I know they are only at the other end of the phone if and when I need them."Miss Savell-Boss
Your home may be repossessed if you do not keep up repayments on your mortgage.