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Self Build Mortgages and Mortgage Rates

What are Self Build mortgages?

Self-build mortgages work differently from house purchase mortgages or remortgages. Rather than giving all the cash upfront, we release it in stages as your build progresses. These stages may include buying the land, right up to decorating the interior – and all things in between. To find out more about our flexible self build mortgages, please contact us and we will be happy to answer any queries.

Building your home can be an incredible experience and at the same time, a challenging one too. It is a memorable experience that requires hard work and commitment. So, finding the right self build mortgage with great service and less hassle is essential!

Our Self Build mortgage products

Self Build 4.94% 2 Year Discount Rate 75% LTV - PURCHASE

About
Fees
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  • VARIABLE RATE currently 5.24% with a discount of 0.30% until 2 years from completion date then changing to Ipswich Standard Variable Rate (currently 5.24%)
  • 5.4% APRC
  • Available for direct applicants in England and Wales
  • For our Intermediary partners, products are available to Prestige members, selected partners nationally and all intermediaries based in Suffolk, Norfolk, Essex, Cambridgeshire, Bedfordshire and Hertfordshire. Selected partners include: Sesame (AR), PTFS (AR), Mortgage Intelligence (AR), Mortgage Next (AR), Life & Easy (AR), Intrinsic (AR), L&G Nouveau Members, L&G Nouveau2 Members, L&G (Selected Partners), SimplyBiz Mortgage.
  • To establish if you/your network is a selected partner, please contact our Intermediary Sales Team on 0330 123 1073.
  • Representative example (this information is based on a typical application and not to your individual circumstances. It does not contain all of the details you need to choose a mortgage):

A mortgage of £200,000.00 payable over 25 years on our Standard Variable Rate currently at 5.24% with a discount of 0.30% giving a current rate payable of 4.94% until 2 years from completion and then on our Standard Variable Rate currently at 5.24% for the remainder of the mortgage term would require 24 monthly payments of £1,169.96 followed by 276 monthly payments of £1,203.06.
The total amount payable would be £360,657.60 made up of the loan amount plus interest (£158,788.60), an application fee of £199, a completion fee of £1,300, a valuation fee of £135, and a mortgage funds release fee of £35 and a mortgage exit fee of £95. This example assumes the completion fee and mortgage funds release fee are added to the loan and that interest is charged on these fees over the mortgage term.
The overall cost for comparison is 5.4% APRC representative.
[This representative example is based on assumptions that the loan would start from 26 September 2016]

Application Fee (Payable with application and non-refundable) CHAPS (Fee for transfer of funds to solicitor) Completion Fee Higher Lending Charge Maximum Loan Amount Valuation Fee (Payable with application)
£199 £35 £1,300 - £500k Based on property valuation
  • No charge for overpayments of up to 50% of original loan amount
  • Early repayment charge period ends 2 years from date of completion
  • Overpayment of 50% or above - early repayment charge is 3% of the overpayment
  • Redemption - early repayment charge is 3% of the original loan amount

To apply, please speak to one of our expert Mortgage Consultants, based in Ipswich, on 0330 123 0773 - we're happy to discuss your application over the telephone or, if you'd prefer, we can arrange to meet with you at one of our 9 branches across Suffolk.

In the meantime, you may find it useful to view our video on what to expect when applying for a mortgage or take a look at our mortgage calculator to get an idea of what your monthly payment may be.

To see all of our current mortgage products, please download our mortgage product rate guide.

Please note our rate guide is an Excel document. Click here to download Excel Viewer from Microsoft, where you can open, view and print Excel documents even if you don't have Excel installed.


Self Build 4.94% 2 Year Discount Rate 75% LTV - REMORTGAGE

About
Fees
Apply
Download Comparison
  • VARIABLE RATE currently 5.24% with a discount of 0.30% until 2 years from completion date then changing to Ipswich Standard Variable Rate (currently 5.24%)
  • 5.4% APRC
  • Available for direct applicants in England and Wales
  • For our Intermediary partners, products are available to Prestige members, selected partners nationally and all intermediaries based in Suffolk, Norfolk, Essex, Cambridgeshire, Bedfordshire and Hertfordshire. Selected partners include: Sesame (AR), PTFS (AR), Mortgage Intelligence (AR), Mortgage Next (AR), Life & Easy (AR), Intrinsic (AR), L&G Nouveau Members, L&G Nouveau2 Members, L&G (Selected Partners), SimplyBiz Mortgage.
  • To establish if you/your network is a selected partner, please contact our Intermediary Sales Team on 0330 123 1073.
  • Representative example (this information is based on a typical application and not to your individual circumstances. It does not contain all of the details you need to choose a mortgage):

A mortgage of £200,000.00 payable over 25 years on our Standard Variable Rate currently at 5.24% with a discount of 0.30% giving a current rate payable of 4.94% until 2 years from completion and then on our Standard Variable Rate for the remainder of the mortgage term would require 24 monthly payments of £1,171.12 followed by 276 monthly payments of £1,204.25.
The total amount payable would be £360,908.88 made up of the loan amount plus interest (£158,944.88), an application fee of £199, a completion fee of £1,500, a valuation fee of £135, a mortgage funds release fee of £35 and a mortgage exit fee of £95. This example assumes the completion fee and mortgage funds release fee are added to the loan and that interest is charged on these fees over the mortgage term.
The overall cost for comparison is 5.4% APRC representative.
[This representative example is based on assumptions that the loan would start from 26 September 2016]

Application Fee (Payable with application and non-refundable) CHAPS (Fee for transfer of funds to solicitor) Completion Fee Higher Lending Charge Maximum Loan Amount Valuation Fee (Payable with application)
£199 £35 £1,500 - £500k Based on property valuation
  • No charge for overpayments of up to 50% of original loan amount
  • Early repayment charge period ends 2 years from date of completion
  • Overpayment of 50% or above - early repayment charge is 3% of the overpayment
  • Redemption - early repayment charge is 3% of the original loan amount

To apply, please speak to one of our expert Mortgage Consultants, based in Ipswich, on 0330 123 0773 - we're happy to discuss your application over the telephone or, if you'd prefer, we can arrange to meet with you at one of our 9 branches across Suffolk.

In the meantime, you may find it useful to view our video on what to expect when applying for a mortgage or take a look at our mortgage calculator to get an idea of what your monthly payment may be.

To see all of our current mortgage products, please download our mortgage product rate guide.

Please note our rate guide is an Excel document. Click here to download Excel Viewer from Microsoft, where you can open, view and print Excel documents even if you don't have Excel installed.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Self Build applications are accepted on a full status basis.

  • The property/build must be supervised by a qualified person
  • There must be Detailed Planning Permission and Building Regulations in place
  • The Property must be completed within 12 months of the initial advance
  • The total advance (at any time) will not exceed 75% of the current value of the land or property under construction
  • Maximum advances must also be in accordance with product chosen (ie; some products are maximum LTV 75%)
  • Stage Release fees – the Society will charge up to £100 for each stage payment made
  • This fee includes the cost of the Valuer calling to re-inspect the property and the CHAPS fee

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Features of our Self Build mortgages

lighthouse

Flexibility

Rather than giving you all of your funds upfront, we release the money at different stages of your build so you don't pay interest on the whole amount all at once.

housekeeping

Early repayment charges

You can over pay by up to 50% with our mortgages and not incur any early repayment charges. See the tabs above to check this and other charges.

sunflower2

A good credit history

We don't use automated credit scoring to assess your suitability, but we do expect a good credit history.

half built

Unusual construction

We know houses, just like people come in all shapes and sizes and materials! We can consider a range of construction types as well as the 'yet to be built'.

Why talk to us about your fixed rate mortgage?

Older

We believe things get better with age

We'll accept cases up to the age of 85 on expiry of the loan. We'll review your mortgage application on its own merits.

family

Available to locals and not so local

We accept applications from those looking for a mortgage in England and Wales and via mortgage brokers in the East of England.

Unusual construction

We're champions of mortgage misfits

We welcome the self employed, contract workers, expats and those undertaking a self build project. We don't automate our mortgage decision making, meaning we can personally assess your application.

HouseandLock

We accept transitional cases

If you do not meet the affordability requirements of MMR and have held a mortgage from before 26 April 2014, we are happy to review your application to see if we can help. Find out more.


Making mortgages
easier to
understand

We've produced a number of guides and helpful information to help you understand your mortgage.

Get a clear
view on the
numbers

From affordability to making overpayments on your mortgage, we have a calculator to help you.

Helping you to
understand our
mortgages

The introduction of the Mortgage Market Review in April 2014 meant that new affordability criteria could make it harder for so-called misfits to get a mortgage.

Toby's top 5 things to consider when applying for a mortgage

Are you a mortgage prisoner? - Mortgage Market Review

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Mortgage Rate Guide Download

For full details, including the fees, of our mortgage products simply download a printable copy of our Mortgage Product Guide.
Please note our rate guide is an Excel document. Click here to download Excel Viewer from Microsoft, where you can open, view and print Excel documents even if you don't have Excel installed.

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Your home may be repossessed if you do not keep up repayments on your mortgage