Makes financing your project easy by providing payments in advance of each build stage.
| Loan to Value (LTV) | A variable rate with a 0.10% 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 |
|---|---|---|---|
| 75% | 4.89% | 4.99% | 5.2% APRC |
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.
| ADVANCE | STANDARD | |
|---|---|---|
| Can I borrow to purchase land for my Self Build project? | We will lend to purchase the land with only outline planning permission required. | We will lend to purchase the land with full planning permission required. |
| How much can I borrow for my Self Build project? | We will lend up to 85% of the land and build costs providing it does not exceed 75% of the end value. | We will lend up to 75% of the build costs. |
| When can funds be released during my Self Build project? | Funds released in advance of each stage of the build (Subject to a satisfactory reinspection at each stage). | Funds released after each stage has been completed (Subject to a satisfactory reinspection at each stage). |
| How much of my own funds will be required to start my Self Build project? | Lower upfront costs as the funds will be released to purchase the land. | Sufficient savings required to purchase the land and fund the early stages of the build. |
| What is the maximum loan I could borrow? | Please refer to our product guide for details of minimum and maximum loan amounts. | Please refer to our product guide for details of minimum and maximum loan amounts. |
| What interest rate will apply to my Self Build project? | Please refer to the product Key Information or Full Product Details. | Please refer to the product Key Information or Full Product Details. |
| What fees will be payable? | Application fee - £500.00. Completion fee - 0.5% of the loan amount Title Insurance Fee - £78.40. Valuation fee (subject to scale). £80.00 reinspection fee payable at each stage Higher lending charge payable. |
Application fee - £500.00. Completion fee - 0.5% of the loan amount. Title Insurance Fee - £78.40. Valuation fee (subject to scale). £80.00 reinspection fee payable at each stage. |
| Can I offset savings against my Self Build mortgage? | The mortgage can be linked with an Offset Share Account (terms and conditions apply). | The mortgage can be linked with an Offset Share Account (terms and conditions apply). |
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.
Opening a savings account can be a good way to save up for your deposit. Take a look at our range of savings accounts.
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:
We offer competitive buildings and contents insurance in partnership with Uinsure. Find out more.
