|Maximum Loan to Value (LTV)||80% LTV|
|Initial Variable Interest Rate, currently:||3.24% (2.50% 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:||5.74% (The Society’s Standard Variable Rate is set by its Board of Directors)|
|The Overall Cost for Comparison is:||5.6% APRC|
Minimum – 25 years
Minimum – 2 years
Maximum – 40 years
Minimum Loan £80,000 (for properties in the North West this is £56,000)
Maximum Loan £500,000 subject to LTV
Available to customers who have properties that have 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.
Further Holiday Let lending criteria applies. For full details please contact our experienced underwriters on 01257 235 001 – Option 2 or at email@example.com
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||2.50% 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.|