Self Build Mortgage

Earl Shilton Building Society is a specialist self build mortgage lender, to include (subject to all relevant planning permissions) land purchase, buying a property to renovate and barn conversions. Properties with an agricultural tie or Section 106 restrictions can be considered. We can also consider a remortgage for a self-build project that has already started.

Details of our self build mortgage scheme is below. It may be possible for this to be interest only until the property is completed and you move in. Also when you move in, we will look to switch you to a product with a lower rate if one is available at that time.

We can consider lending up to 75% of the value of the land and up to 75% of the value as the works progress.

  • The Society’s discounted Standard Variable rate (SVR) mortgage schemes have their interest rate set at a specified “discount” level below our Standard Variable Rate (currently 8.39%) for a specific initial scheme period.
  • The initial scheme period for this product is 5 years meaning that the discount applies over a 5 year period. In this 5 year period the discount is 1.00% meaning you would pay a rate of 7.39% (8.39% – 1.00% discount). However, if the SVR rate increases you would have a higher interest rate than the rate quoted above and your monthly repayments would increase. Conversely, if the SVR rate decreased, you may have a lower interest rate than the rates quoted above and your monthly repayments may decrease. From Year 6 onwards the rate will be at the Society’s SVR meaning the rate then changes to what the SVR is at that time
  • The overall cost for comparison is 8.3% APRC representative*
  • Arrangement Fee of £1,125
  • 75% maximum loan to value (LTV) at stage release, 75% LTV on land
  • Minimum income requirement of £35,000 (Sole of Joint)
  • There is a floor of 2.5% on this mortgage which means that the rate of interest charged will not fall below 2.5%
  • On completion of the build, the product can be switched to one of the Society’s Retention mortgage product with the Early Repayment Charge on this product waived and the Early Repayment Charge on the Retention product back-dated to the start of this Self-build mortgage
  • An Early Repayment Charge of 2% of the redemption balance is payable if the mortgage is redeemed or rearranged within the first 2 years
  • Available for purchase or remortgage
*Representative example:
Loan Amount£214,000
Arrangement Fee (added to loan)£1,125
Electronic Transfer of Funds (added to loan)£30
Total Amount of Credit£215,155
Term25 years
Property Value£584,000
Valuation Fee (including £25 valuation administration fee)£540
Re-inspection Fee£150
Solicitors Mortgage Fees (Estimate)£150
Deeds Release Fee£50
Sealing Fee£100
1 payment at the Society’s SVR less 1.00% (currently 7.39%)£2,226.25
Followed by 59 payments at the Society’s SVR less 1.00% (currently 7.39%)£1,574.61
Followed by 240 payments at the Society’s SVR (currently 8.39%)£1,697.53
Total Amount Payable£503,525.44
The Total Amount Payable is made up of the Total Amount of Credit, other fees payable (not added to the loan), plus the interest of£287,380.44

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


Additional information


  1. The Society will require a first charge over the property
  2. Capital repayments and overpayments are permitted subject to a maximum of 20% per financial year of the amount advanced or transferred capital balance. Capital repayments are subject to a minimum of £1,000 over the normal monthly payment
  3. Following receipt of a regular overpayment or lump sum, the amount you owe, and so the interest you pay, is reduced immediately
  4. There is an Arrangement Fee of £1,125. This can be added but interest will be charged for the remaining term of the mortgage, or the fee can be paid on or before completion and interest will not be charged
  5. Maximum loan to value 75%. Up to 75% may be on Interest Only if there is a credible repayment strategy in place. The remaining amount must be on a Capital and Interest (repayment) basis
  6. Each stage release will require a revaluation at a cost of, currently, £150.00
  7. Copies of planning permission, detailed plans and full details of an acceptable warranty or Professional Certificate will be required along with a build schedule
  8. In the main, it must be built using standard construction materials, however, non-standard construction considered if it is BOPAS accredited (Such non standard construction has the following restrictions – Maximum LTV 75%, Maximum loan £250,000, Capital and Interest only and Maximum term of 25 years)


Product Code 297 – September 2023

paper airplan Print this page