Borrowers who are building their home, have at least 20% deposit/equity and are comfortable with interest rate changes.
Borrowers who plan to repay more than 10% in any one year or that want a fixed interest rate.
6.69% variable, which includes a 1.41% discount from our Standard Variable Rate for the term of the mortgage.
7.0% APRC
Arrangement fee - £999 (payable on completion, can be added to the loan)
Funds transfer fee - £20 (payable before completion)
Mortgage exit fee - £100 (payable when the mortgage is fully repaid)
Standard Valuation Fee – dependent on the property value
Reinspection fee £65
None.
A full or partial capital repayment, which exceeds 10% of the capital balance amount in any one year, will attract an early repayment charge of 2% in the first 2 years
After full completion of the property, if the mortgage product is transferred to a mainstream residential mortgage product with Vernon Building Society, then this charge will be waived, providing that the product it is transferred to also has an initial discount or fixed rate period with early repayment charges.
Purchase or remortgage
Capital & Interest or Interest-Only
Interest-Only can be chosen to apply during the build, then on completion, the mortgage will revert to Capital and Interest basis for the remainder of the term.
80% - Capital & Interest
60% - Interest-Only
Minimum £100,000 – Maximum £1,000,000
75% of land value
75% of each build stage costs / interim valuation (75% LTV or Loan to Cost – whichever is lower)
80% maximum loan to final value at final stage / completion of the build.
All funds released are in arrears of the build stage that is achieved.
This product is portable and can be transferred to a new property.
The interest rate for this mortgage has a ‘floor’, which means that it will never fall below 4% during the discount period.
If you add the arrangement fee to the loan, then interest will be charged on it resulting in a greater amount payable over the term of the mortgage.
The mortgage is available on an interest-only basis providing the loan-to-value does not exceed 60%. A suitable strategy for repayment must be in place.
Property must be in England and Wales with a value of £140,000 or more.
This product is only available through Mayflower Mortgage and Finance Ltd.
Mortgages are subject to underwriting.
This information is to help you understand the typical cost of this mortgage and is not representative of your personal circumstances.
A mortgage of £191,473.00, payable over 22 years, on a capital & interest repayment basis, with an initial payable rate of 6.69%, which includes a 1.41% discount from our Standard Variable Rate (SVR) for the full term of the loan would require 264 monthly payments of £1,387.13.
The total amount payable would be £368,526.32, made up of the loan amount (£191,473.00), plus interest (£174,729.32), Arrangement Fee (£999), Standard Valuation Fee (£630), Five Valuer Reinspection Fees (£325), Solicitor Fee (£250), Funds Transfer Fee (£20), and a Mortgage Exit Fee (£100).
The overall cost for comparison is 7.0% APRC.
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