|Maximum Loan to Value (LTV)||75% LTV|
|Initial Variable Interest Rate, currently:||3.49% (1.75% 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 is:||5.20% APRC|
Minimum – 21 years
Maximum – No Maximum Age Limit
Minimum – 2 years
Maximum – 40 years
Minimum Loan £75,000
Maximum Loan £300,000 subject to LTV
Available to customers who are a first time landlord and intend to use the property for investment purposes only. Also available for Consumer Buy to Let re-mortgages only (i.e. where the borrower(s) has acquired the property or already owns the property and is deemed not to be acting predominantly for investment purposes). Customer may be a first time buyer. Not available for flats. Further Buy-to-Let lending criteria applies.
For full details please contact our experienced underwriters on 01257 235 001 – Option 2 or at firstname.lastname@example.org
Available for house purchases and re-mortgages with a mortgage of up to 75% LTV. The mortgage is secured against your home. Some property types and locations are not acceptable, for further information please speak to your mortgage advisor. With a variable rate product, payments may vary as interest rates change.
Applicants must have a minimum gross annual income of £20,000 (single applicants) and £25,000 (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 loan (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 (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 by the Society upon completion of the mortgage. Please refer to your mortgage broker for details.|
|Early Repayment Charge||1.75% 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 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.|
|Representative Example:||The following is a representative example based on a mortgage of £204,375 payable over 25 years initially on a discounted variable rate of 3.49% for 2 years followed by our Standard Variable Rate of 5.24%. In this example you would make an initial payment of £1411.86 then 23 monthly payments of £1022.10 followed by 276 monthly payments of £1210.60.
The total amount payable would be £361,233.57 made up of the loan amount plus interest of £154,670.76 and the following fees, a Scheme Fee (£1532.81), a Chaps/Telegraphic Transfer fee (£25.00), a Valuation Fee (£225.00), a separate representation fee (£330.00) and a Mortgage Exit Administration Fee (£75.00).
The overall cost for comparison is 5.2% APRC representative.
Note: What you will pay may vary from this and will depend on your personal circumstances.