Mortgage product
information.
Eco Self Build 2 Year Discount Rate – for purchase or remortgage up to 80% LTV
| Mortgage details | |
|---|---|
Initial rate | 5.85% (SVR minus 2.44%) |
Rate Type | Variable |
Rate Term | 2 year |
APRC | 7.7% |
Standard rate | STANDARD VARIABLE RATE of 8.29% with a discount of 2.44% until 2 years from completion date, then changing to Suffolk Standard Variable Rate (currently 8.29%) for the remainder of the term. |
Fees | Application Fee: Completion Fee: Valuation Fee: CHAPS (Fee for transfer of funds to solicitor): |
Maximum loan | £1m |
Maximum LTV | 80% |
Additional information | Fee free over-payments up to 50% of original loan. Early repayment charge of 2% applies until 2 years from completion. Eco Self Build product only available to for self builders and renovators who intend to build or renovate a property to an EPC rating of A or B, which includes at least two of the following qualifying energy efficient features: photovoltaics, solar panels, air source heat pump, ground source heat pump, rain water harvesting, greywater collection, triple glazing, mechanical ventilation with heat recovery system, biomass pellet boiler, wind turbines, higher than usual levels of thermal insulation, geothermal heating, compostable toilet or electric car charging stations. These features will need to be evidenced in the plans/costings. For more information, please refer to our Self Build Hub. |
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Representative example
A mortgage of £120,000.00 payable over 11 years on our Standard Variable Rate currently at 8.29% with a discount of 2.44%, giving a current rate payable of 5.85% for 24 months, followed by our Standard Variable Rate currently at 8.29% for the remainder of the mortgage term. This would require 24 monthly payments of £1,245.53, followed by 108 payments of £1,374.74. The total amount payable would be £178,838.65 made up of the loan amount plus interest (£57,330.65), a mortgage funds release fee of £35, an application fee of £199, a completion fee of £999, a valuation fee of £180 and a mortgage exit fee of £95. The overall cost for comparison is 7.7% APRC representative.