Interest Only for 2 Years then reverting to Capital and Interest
Application Fee paid to The Hanley Economic Building Society on application and is non-refundable £299.00. Arrangement Fee paid to The Hanley Economic Building Society. The fee can be paid on application or deducted from the loan on completion and interest will be charged on the fee. This fee is non-refundable, except in cases where the application does not proceed to completion £1299.00. Valuation Fee paid to The Hanley Economic Building Society on application and is non-refundable after valuation is carried out. The fee charged is dependent upon the price of the property. See fee scale for cost (https://www.thehanley.co.uk/intermediaries/mortgage-and-valuation-charges). CHAPS fee is paid to The Hanley Economic Building Society. The fee can be paid on application or deducted on completion of the loan and interest will be charged on the fee. This non-refundable fee covers the electronic transfer of mortgage funds to you or your solicitor, unless the application does not proceed to completion £35.00.
The interest rate on this product will not drop below 2.00%.
None
Minimum £30,000 Maximum £1,000,000.
Please refer to the following page for more information which details limits by lending type and basis https://www.thehanley.co.uk/maximum-ltv-and-loan-amounts.
Purchase 80%
Remortgage 80%
Available for loans on properties in England, Wales and Scotland (Selected Scottish Islands accepted, please refer to criteria).
A Home Renovation Mortgage can be used on a property that needs repairs or renovation. It can be arranged to cover these types of non-structural works: of one or more of the following.
• New kitchen;
• New bathroom;
• New flooring;
• Plastering;
• Painting and decoration;
• New windows or doors;
• Plumbing and rewiring;
• Damp proofing/insulation;
• Replacement heating system;
• Roofing works – including solar panels;
• Landscaping/drive/garden;
In summary, non-structural works. If the work needed to the property is more extensive and also requires planning permission, then a Self-build/Renovation product is required
The Society will pay a procuration fee of 0.50% on completion to the intermediary.
This product is available for new mortgage customers only.
If this mortgage is repaid in full, or in part, before during the first 2 years an early repayment charge will apply. This will be 2% of the balance repaid during this period. Example – The maximum early repayment charge you could pay is £5,160.00 based on an initial mortgage balance of £258,000.00.
Overpayments of up to 10% of the mortgage balance are permitted each anniversary year for the first 2 years and may be made by monthly standing order or in a lump sum. Any additional overpayments above 10% during this period will attract an early repayment charge calculated on the amount of the additional payments.
A mortgage of £258,000.00 payable over 28 years initially on an interest only discounted variable rate of 5.38% which represents a 2.36% discount off the Society's Standard Variable Rate (SVR), for 2 Years and then on our SVR of 7.74% (variable) on a capital and interest basis for the remaining 26 years would require 24 monthly payments of £1,156.70 and 312 monthly payments of £1,922.78. The total amount payable would be £629,840.95 made up of the loan amount plus interest (£369,667.95), an application fee of £299.00, an arrangement fee of £1,299.00, a valuation fee of £415.00, a CHAPS fee of £35.00, a mortgage exit fee of £125.00. The overall cost for comparison is 7.7% APRC representative^.
Please ensure that applications are submitted as a self-build to ensure the relevant information is captured.
Call us on 01782 255000 (selecting option 1 – Hanley Intermediaries then option 1 – New business enquiries).
Lines are Open 9.00am to 5.00pm Monday to Friday (Wednesday 9.30am to 5.00pm).
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