The Bank of England reduced the base rate by 0.25 percentage points to 4.75% on Thursday 7 November 2024. Find out how this affects your mortgage or savings account here.

Mortgage product
information.

Self Build & Renovation Large Loan 2 Year Discount Rate – for purchase or remortgage up to 70% LTV

Mortgage details

Initial rate

6.05% (SVR minus 2.39%)

Rate Type

Variable

Rate Term

2 year

APRC

8.1%

Standard rate

STANDARD VARIABLE RATE of 8.44% with a discount of 2.39% until 2 years from completion date, then reverting to 7.94% (Suffolk SVR minus 0.50%) for 36 months (please note this rate will not fall below 3%), then changing to Suffolk Standard Variable Rate (currently 8.44%).

Fees

Application Fee:
£199

Completion Fee:
0.15% of loan

Valuation Fee:
Purchase – Based on property valuation
Remortgage – Based on property valuation

CHAPS (Fee for transfer of funds to solicitor):
£35

For full details of our valuation fees, please contact us.

Maximum loan

£2m

Maximum LTV

70%

Additional information

Fee free over-payments up to 50% of original loan. Early repayment charge of 2% applies until 2 years from completion

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

Representative Example

A mortgage of £1,095,000.00 payable over 20 years on our Standard Variable Rate currently at 8.44% with a discount of 2.39%, giving a current rate payable of 6.05% for 24 months, then on our Standard Variable Rate currently at 8.44% with a discount of 0.50%, giving a rate payable of 7.94% for 36 months (please note that the rate payable will never fall below 3%). This will be followed by our Standard Variable Rate currently at 8.44% for the remainder of the mortgage term. This would require 24 monthly payments of £7,888.61, followed by 36 payments of £9,032.64, followed by 180 payments of £9,308.06. The total amount payable would be £2,191,370.13 made up of the loan amount plus interest (£1,093,273.63), an application fee of £199, a completion fee of £1,642.50, a valuation fee of £1,125, a mortgage funds release fee of £35 and a mortgage exit fee of £95. The overall cost for comparison is 8.1% APRC representative.

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