Self Build Discounted Rate

During the course of the loan, the interest rate can vary by going up or down and your discount will be adjusted accordingly. There may be months when the interest rate remains constant, or the rate can change many times over a short period of time.

1.50% below SVR for 2 years

DISCOUNT	DISCOUNT PERIOD	APR	MAXIMUM LOAN TO VALUE	EARLY REPAYMENT CHARGE PERIOD	EARLY REPAYMENT CHARGES
1.50%	2 Years	7.3%	Land Only: 75% During Build: 90% of the confirmed value	N/A	NONE

Maximum Term:

30 Years.

SVR:

The Society's standard variable interest rate is currently 7.29%.

Interest
Calculation Method

Daily Interest.

Interest Rate:

Minimum interest rate will be 1%.

APR:

The overall cost for comparison is 7.3% APR.

Early Repayment Charges:

You can repay this mortgage early without incurring any early repayment charges.

Overpayments:

You can make overpayments by paying capital payments that are equal to or in excess of six monthly payments without incurring any early repayment charges.
Interest is calculated on a daily basis therefore the amount on which interest is charged is reduced immediately if you make overpayments.

Loan to Value:

Land Only: 75%
During Build: 90% of the confirmed value at any time

Insurance:

You are not required to buy any insurance through Shepshed Building Society but as a condition of the mortgage you will be required to insure the property on an index linked basis for an amount not less than the reinstatement value required by the Society's valuer. A £25 charge is payable at the start of the mortgage if you do not take out your buildings insurance with Shepshed Building Society.

Arrangement Fee:

No arrangement fee is payable.

Application Fee:

A fee of £295 is payable upon application. £100 of this fee is refundable if you do not proceed with the application.

Valuation Fee:

The cost of a valuation for mortgage purposes must be provided on application. Please see our scale of fees. This fee is refundable if you do not proceed with the application and the valuation has not been undertaken.

Availability:

This product is for purchase or remortgage of land/residential property for the applicant(s) own use. Applicants applying for this product will be required to fully meet the Society's lending criteria.

CHAPS Fee:

On completion, the advance will be released to the Solicitor acting in the transaction by CHAPS (Clearing House Automated Payment Service). A fee of £30 will be deducted from the advance amount in respect of this fee.

All mortgage products are available to applicants who are either 18 years or older.

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

Shepshed Building Society, Bull Ring, Shepshed, Leics, LE12 9QD is authorised and regulated by the Financial Services Authority. Our Financial Services Authority registration number is 206067. You can check this on the FSA's register by visiting the FSA's website www.fsa.gov.uk/register or by contacting the FSA on 0845 606 1234.