Applicants will not be eligible for both offers
The interest only payment period will be at the commencement of the repayment term and the loan will be repaid over the remaining eligible loan term. During this period of interest only payments, interest will be charged at a rate of 5%, reverting to the prevailing rate (currently 7%) once repayments of both principal and interest commence. Secured Housing Loan repayment terms are a maximum of 30 years depending on the age of the applicant.
Sole applicants are eligible to apply for 3 times their annual salary. Joint applicants are eligible to apply for 3 times the annual salary of the higher earner and 1 times the annual salary of the second applicant.
Offers finance for new home project builds, covering payments for materials, labour and transport. Total funding is dependent on applicant net income and the ability to afford the calculated repayments.
Small to medium loans offered to customers who need funding to refurbish their homes.
Allows customers to purchase a ready-built home. The Bank can only lend up to 85% of the value of the security.
Suitable for customers who have completed their house and wish to build an extension.
Allows customers to purchase land on which to build. If the land is being utilised as security the Bank can only lend up to 85% of its value.
If a valuation of land or a building is necessary, a fee will be payable by the borrower.
| Application Processing Fee* | £10 |
| Administration Fee, up to £30,000 | £40 |
| Administration Fee, £30,001 - £50,000 | £60 |
| Administration Fee, £50,001 - £60,000 | £80 |
| Cancellation Fee | £10 |
*To be paid on submission of application
Customers making an application must be a Bank of St Helena account holder. What is needed:
Upon receiving an application, our Lending team will ensure that all the necessary documents are present and that the application form is completed in full.