Maximum Loan to Value:
75% of land value
75% of each build stage costs / interim valuation
80% maximum loan to final value at final stage / completion of the build
A valuer reinspection fee is payable on completion of each build stage before that stage’s funds can be released.
4.74% which includes a 0.46% discount from our standard variable rate for 2 years followed by our Standard Variable Rate for the remainder of the term, currently 5.20%.
Early Repayment Charge
If the mortgage is repaid in part or full during the initial period then an early repayment charge
of 2% of the capital balance will be payable.
If the mortgage product is transferred to a mainstream residential mortgage product (which may require payment of a Product Fee) with Vernon Building Society then this charge will be waived providing that the product transferred to also has an initial discount or fixed rate period with early repayment charges.
Arrangement Fee £1,999 - This can be added to the loan on completion however this will result in interest being charged on it making the overall fee greater over the term of the mortgage.
For a comprehensive list of other fees and charges that may apply to you as a mortgage customer, click here.
Loan cannot be used for debt consolidation
No prior impaired credit history
Applicant(s) must have been in continuous empoyment for at least 6 months and with current employer for at least 3 months
Minimum age of applicant: 18
Maximum age at maturity: 85
Minimum term: 5 years, maxmimum 35 years
Minimum loan size: £200,000
Maximum loan size: £750,000
Property location: England & Wales