Buy to Let – First Time Landlord – 2 Year Discount 75% LTV (Investment)

Product Details

Maximum Loan To Value (LTV)	75%
Initial Interest Rate	6.99% (1.75% discount from the Society’s Standard Variable Rate for 2 years. The discount is subject to a minimum interest rate floor of 2.00%).
Followed by our Standard Variable Rate thereafter, which from the 20th September 2023 will be:	8.74%
The Overall Cost for Comparison is	8.90% APRC
Interest Calculated	Daily

Representative Example

The following is a representative example based on a mortgage of £160,000 payable over 25 years initially on a discounted variable rate of 6.99% for 2 years followed by our Standard Variable Rate of 8.74%. In this example you would make an initial payment of £1,374.36, then 23 monthly payments of £1,129.90 followed by 276 monthly payments of £1,304.60.

The total amount payable would be £389,230.66 made up of the loan amount plus interest of £227,431.66 and the following costs, a Scheme Fee of (£1499.00), a Chaps/Telegraphic Transfer fee (£25.00), a Valuation Fee (£200), and a Mortgage Exit Administration Fee (£75.00).

The overall cost for comparison is 8.90% APRC representative.

Note: What you will pay may vary from this and will depend on your personal circumstances.

Fees

Early Repayment Charge	2.50% of the redemption balance in year 1 1.50% of the redemption balance in year 2
Application Fee	There is no Application Fee payable for this product.
Scheme Fee	£1,499 (can be added to the loan, subject to LTV and lending criteria, or paid on completion. Fees added to the loan will accrue interest. Further details are available on application).
Mortgage Exit Administration Fee	£75 (paid on redemption).
Standard Valuation Fee	Paid directly to valuer by the applicant – see Valuation Fee Scale for details. A standard mortgage valuation is required on all properties.
Procuration Fee	A Procuration Fee will be paid by the Society upon completion of the mortgage. Please refer to your mortgage broker for details.

Additional Information

Age	Minimum - 21 Maximum - 85 (Interest Only and Part & Part Mortgages) - 90 (Repayment Mortgages)
Term	Minimum – 2 years Maximum – 40 years
Loan Size	Minimum - £80,000 Maximum - £350,000 (Subject to LTV, please refer to our current criteria for details)
Availability	Available to First Time Landlords who intend to use the property for investment purposes only. Must meet Standard Lending Criteria. Not available for properties in Scotland. Further Buy-to-Let lending criteria applies. For full details please contact our experienced underwriters on 01257 235 001 – Option 2 or at intermediaries@chorleybs.co.uk
Overpayments	The Society will allow overpayments of up to 10% of the capital balance per annum without invoking an early repayment charge.
Portability	You can keep this mortgage should you move to a new property. This mortgage is portable subject to your status meeting our criteria.
Insurance	Landlords insurance on the property to be mortgaged is compulsory.

This is a limited issue and the Society reserves the right to withdraw this scheme without notice at any time.