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First Time Home Owners / Mortgagors

As of 01 October 2020, the following offers will be implemented for first time home owners / mortgagors:

Offer 1

For applicants who earn £8,500 per annum or less, interest rates of 5% will apply for a term loan up to 25 years.

Offer 2

For applicants who earn £15,000 per annum or less, repayment of the principal loan amount can be deferred for a period of up to 2 years. Interest payments will apply.

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.

Applicants will not be eligible for both offers. Offers apply to applications received from 01 October 2020

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.

Secured Housing Loans allow applicants to borrow 3 times their annual salary for the purpose of:

New Construction

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.

Alterations and Repairs

Small to medium loans offered to customers who need funding to refurbish their homes.

House Purchase

Allows customers to purchase a ready-built home. The Bank can only lend up to 85% of the value of the security.

House Extensions

Suitable for customers who have completed their house and wish to build an extension.

Land Purchase

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. 

Lending Fees & Charges – Secured Housing
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

Ready to Apply?

Customers making an application must be a Bank of St Helena account holder.  What is needed:

  • Fully completed application form and a signed bank transfer to cover the application fee of £10
  • Pay slip
  • Decision notice
  • Contractors cost (where applicable)

Upon receiving an application for a Secured Housing Loan, our Lending team will ensure that all the necessary documents are present and that the application form is completed in full.

Terms and Conditions

Application Form

Contact Us

(+290) 22390

personallending@sainthelenabank.com