Melton Advance Self Build

Makes financing your project easy by providing payments in advance of each build stage.

Key Information
Next Steps

Loan to Value (LTV)	A variable rate with a 0.40% discount off our standard variable rate (SVR) for 3 years	Then changing to our SVR for rest of mortgage term, currently	The overall cost for comparison is	Product Fees
75%	4.59%	4.99%	5.2% APRC	£500

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Your home may be repossessed if you do not keep up repayments on your mortgage

Based on a £231,265 mortgage, secured by first charge on your main residential property, repaid on an interest only basis over a 25 year term: 36 monthly payments at a variable rate of 4.59%, (£884.59) £31,845.24. 264 monthly payments at standard variable rate (currently 4.99%), (£961.68) £253,883.52. Valuation fee on property of £320,000 payable when you apply £495 (scale applies). Application fee payable when you apply £500. Completion fee 0.50% of the loan amount payable at time of legal completion £1156.33. Reinspection fee of £80 required for each stage release £320. Higher Lending Charge Payable £1880.69. Title Insurance fee payable at the start of the mortgage £78.40. Telegraphic Transfer fee payable when you apply £100. Solicitors fees payable to your conveyancer (estimated) £360. Mortgage Discharge Fee payable at the end of your mortgage £150. Loan amount payable at the end or your mortgage £231,265. Total Amount Payable £522,034.18

Fees

Application fee £500, completion fee 0.50% of loan amount
Minimum loan amount £100,000. Maximum loan amount £350,000
Maximum Loan to Value (LTV) 75%. LTV restrictions apply in London – contact us for details.
Title Insurance Fee £78.40
Higher Lending Charge applicable to all cases with a minimum amount payable of £168.00.
An Early Repayment Charge applies if overpayments exceed 10% of the balance at the start of each year, within 3 years of completion: 3% during 1st year; 2% during 2nd year; 1% during 3rd year.

Features

Stage payments released in advance of each build stage. Funds up to a maximum of £75,000 for any single stage release
Make overpayments of up to 10% of the current balance each year without incurring any early repayment charges
Option to link to Offset Share account (terms apply)
This product is fully portable if the property is sold within the scheme period. Terms apply.

Product Code: SB 032

Working out your mortgage budget

It’s a good idea to know approximately how much you’ll have to spend before you start house hunting. The Melton’s mortgage advisors will help work out an affordability budget with you to give you an indication of how much you may be able to borrow.

Saving for your deposit

Opening a savings account can be a good way to save up for your deposit. Take a look at our range of savings accounts.

Finding your first home

Make friends with the agents. Calling and visiting your estate agents regularly will help ensure you’re the first to know when a hot new property hits the market.
Put aside a whole day, and do a number of viewings (six is the suggested maximum). Go on a weekday if you can – estate agents will give you more time than at the weekend.
Take your own pictures. These are much more useful than glossy agents’ shots. Film your visits on your phone, too. That way, you have something to refer back to.

We’re also here to help with: