|Maximum Loan to Value (LTV)||80%LTV|
|Initial Interest Rate||3.04% (2.20% discount from our 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, currently||5.24% (The Society’s Standard Variable Rate is set by its Board of Directors).|
|The Overall Cost for Comparison||5.1% APRC|
|Age||Minimum – 21 Years
Maximum – No Age Limit
|Term||Minimum – 2 Years
Maximum – 40 Years
|Maximum Loan||£500,000 (subject to LTV)|
Available to customers who are purchasing a property that has a minimum operating track record of 12 months, or for borrowers who have a minimum of 12 months experience of holiday let business. Evidence of confirmed letting history of a least 12 months to be provided by a reputable letting agent. Maximum of 3 mortgaged investment properties (Holiday or Buy to let) in portfolio permitted. Available in England & Wales only, excluding London & the Outer South East and excluding Scotland.
Properties must have an EPC rating of E or above.
Further Holiday Let lending criteria applies. For full details please contact our experienced underwriters on 01257 235 001 – Option 2 or at firstname.lastname@example.org
Applicants must have a minimum gross annual income of £30,000 (single applicants) and £35,000 (joint applications). Our decision to lend is based on your client(s) meeting minimum income requirements and Income Coverage Ratios (ICRs).
|Application Fee||No application fee|
|Scheme Fee||0.75% of the advance (can be added to the loan, subject to LTV, or paid on completion. Fees added to the loan will accrue interest. Further details are available on application).|
|Mortgage Exit Administration Fee||£75.00 (paid on redemption).|
|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 to the Introducer by the Society upon completion of the mortgage. Please refer to your mortgage Introducer for details.|
|Early Repayment Charge||2.20% of the redemption balance for 2 years|
|Overpayments||The Society will allow overpayments of up to 10% of the capital balance per annum without invoking an early repayment charge.|
|Portability||You cannot keep this mortgage should you move to a new property. This mortgage is not portable.|
|Insurance||Landlords insurance on the property to be mortgaged is compulsory.|
|Representative Example:||The following is a representative example based on a mortgage of £152,613 payable over 25 years initially on a discounted variable rate of 3.04% for 2 years followed by our Standard Variable Rate of 5.24%. In this example you would make an initial payment of £904.85 then 23 monthly payments of £726.90 followed by 276 monthly payments of £900.90.
The total amount payable would be £268,045.45 made up of the loan amount plus interest of £113,658.95 and the following fees, a Scheme Fee (£1144.60), a Chaps/Telegraphic Transfer fee (£25.00), a Valuation Fee (£175.00), a separate representation fee (£354.00) and a Mortgage Exit Administration Fee (£75.00).
The overall cost for comparison is 5.1% APRC representative.
Note: What you will pay may vary from this and will depend on your personal circumstances
This is a limited issue and the Society reserves the right to withdraw this scheme without notice at any time.