Buy to Let 2 Year Discount 80% LTV

Maximum Loan to Value (LTV) 80% LTV
Initial Variable Interest Rate, currently: 3.34% (1.90% 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: 5.2% APRC
Interest Calculated: Daily

 

Age
Minimum – 21 years
Maximum – No Maximum Age Limit

Term
Minimum – 2 years
Maximum – 40 years

Minimum Loan £80,000

Maximum Loan £350,000 subject to LTV

Available to customers who will own no more than 3 Buy-to-Let properties upon approval of application for this mortgage 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). Consumer Buy-to-Let mortgages are regulated.  Please speak to your mortgage advisor.

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

Available for house purchases and re-mortgages with a mortgage of up to 80% 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).

  • Basic rate tax payers – rental yield must cover 125% of the mortgage interest payment when stress tested at the higher of 5.50% or the mortgage interest rate plus 2.00%.
  • Higher and additional rate tax payers – rental yield must cover 148% of the mortgage interest payment when stress tested at the higher of 5.50% or the mortgage interest rate plus 2.00%
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 1.90% 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 £152,613 payable over 25 years initially on a discounted variable rate of 3.34% for 2 years followed by our Standard Variable Rate of 5.24%. In this example you would make an initial payment of £1128.06 then 23 monthly payments of £751.00 followed by 276 monthly payments of £903.40.

The total amount payable would be £269,489.06 made up of the loan amount plus interest of £115,126.46 and the following fees, a Scheme Fee (£1144.60), a Chaps/Telegraphic Transfer fee (£25.00), a Valuation Fee (£175), 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.