As a leading provider of self build and renovation mortgages, we’ve helped many people realise their ambition to build their own dream home. We understand the entire self build process from start to finish, so you can rely on the Melton to help. This guide will give you a valuable insight into the key steps involved. Click here for our Handy Guide to Self Build.
Please note, Product Fee stated below is the application fee only. Afee, a percentage of the amount, is also payable. We offer a range of self build products but, from time to time, some of these may be temporarily unavailable.
|Mortgage Product||Maximum Loan to Value||Initial Rate||Followed by our Standard Variable Rate||The overall cost for comparison||Product Fees||Deposit amount|
|Melton Advance Self Build||75%||4.89%||4.99%||5.2% APRC||£500|
Based on a £204,460 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 4.89%, (£833.17) £29,994.12. 264 monthly payments at standard variable rate (currently 4.99%), (£850.21) £224,455.44. Valuation fee on property of £354,600, payable when you apply £495 (see scale). Application fee payable when you apply £500. Completion fee 0.50% of the loan amount payable at time of legal completion £1022.30. Reinspection fee of £80 required for each stage release £320. Higher Lending Charge £1339.81. 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 £204,460. Total Amount Payable £463,275.07.
|Melton Self Build ECO||75%||4.39%||4.99%||5.1% APRC||£500|
|Melton Standard Self Build||75%||4.89%||4.99%||5.2% APRC||£500|
|Family Assist Self Build||75%||4.89%||4.99%||5.2% APRC||£500|
|Short Term Self Build||75%||4.89%||n/a||5.5% APRC||£500|
As a leading provider of self build and renovation mortgages, we’ve helped many people realise their ambition to build their own dream home. We understand the entire process from start to finish, so you can rely on the Melton to help.
Self build projects require funds to be made available in stages as the house is being built. The Melton is one of a few lenders who will also lend to purchase the land with outline planning permission, as well as releasing funds in advance of each build stage – the Melton Advance Self Build Mortgage. The Melton also offers a Standard Self Build Mortgage which provides stage payments in arrears, together with an Eco Mortgage with a special discounted rate that recognises investment in energy efficient features.
At the end of your self build project you can transfer to a standard mortgage with the Society without incurring early repayment charges. You can also pay a lump sum off at the end of the build when you complete a scheme transfer and the Society will waive the early repayment charges. This is particularly helpful for customers who may have savings they had kept aside for contingency for the build or if they have reclaimed VAT at the end of the self build project that they want to use to reduce the mortgage balance.
You can also have the mortgage on an interest only basis during the build – this is particularly helpful if living in rented accommodation during the build or if choosing to stay in existing housing with a monthly mortgage payment. Our self build and renovation mortgages may also be suitable for conversions.
Take a look at our self build and renovation mortgages above. If you’re not sure how much you may be able to borrow with a self build and renovation mortgage, you can use our Affordability calculator. To make an appointment with a Mortgage Advisor please call 01664 414141. For further information read our Handy Guide to Self Build.