Beverley Building Society Self Build Mortgage 2 year discount rate
The Beverley Building Society Self Build 2 year discount rate certainly catches the eye. Most lenders shy away from self build as they are concerned that poorly budgeted projects can leave them high and dry on their collateral for the loan. The product is restricted to HU and YO postcode areas only. The Society is fully independent and of course a mutual.
Initial Rate: 1.75% Subsequent:4.75% The overall cost for comparison is 4.4%
- Features: Includes a 3% discount for 2 years. The product is restricted to HU and YO postcode areas only.
- Minimum deposit / equity: 35%
- Valuation fee: £285
- Other main lender fees: Arrangement fee £995
- Early repayment charges: 2% of the amount redeemed in the first 2 y
MY PRODUCT COMMENTS: It is a truly fantastic rate. Personally for self build I look for a ‘specialist’ provider in the area rather than one that includes the facility loosely in their lending policy.
MY LENDER COMMENTS: In all honesty I have never used Beverley Building Society. Their income multiples of 3.5 single or 2.75 joint might be workable on self build mortgages but are very low for the mainstream mortgage market. In my experience products with fixed rates or no early repayment charges suit the self build borrower profile type better.
For more information on our range of Self Build Mortgage products please complete the enquiry form on this page or call us on 020 7993 2044.
Rates current as at 2/10/14. The overall cost for comparison is based on a property value of £250,000 over a 25 year term. Repayment for Residential and Interest only for Buy-to-let. Eligibility will depend on your own personal circumstances.
The purpose of this web is for information only and is based on a fictitious illustrative scenario. It does not constitute a Mortgage Offer in any way.
It is essential that you seek independent mortgage advice as a suitable product will be based on your own individual circumstances. An interest rate should not be read in isolation, and you should refer to your personal key facts illustration and Mortgage Offers for full terms and conditions. If anything is unclear it should be discussed fully with both your mortgage and legal advisors before entering into a mortgage contract with the lender.
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Author: Payam Azadi
Payam Azadi is a partner at Niche Advice who are whole of the market Independent Mortgage Brokers. His role is very much focused on Property financing both on residential and commercial lines.