Buy To Let 2 Year Discount 80% (Consumer)

Buy To Let 2 Year Discount 80% (Investment)

Maximum Loan to Value (LTV)	80% LTV
Initial Variable Interest Rate, currently:	3.74% (2.00% 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:	5.7% APRC
Interest Calculated:	Daily

Product Criteria (All Mortgages are subject to status meeting our current criteria)

Age	Minimum – 21 years Maximum – No maximum age
Term	Minimum – 2 years Maximum – 40 years
Minimum Loan	£80,000
Maximum Loan	£350,000 (subject to LTV)

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

Availability

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.

Affordability

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%

Fees

Application Fee	There is no application fee payable for this product.
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.

Additional Information

Early Repayment Charge	2.00% 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 3.74% for 2 years followed by our Standard Variable Rate of 5.74%. In this example you would make an initial payment of £955.81 then 23 monthly payments of £783.80 followed by 276 monthly payments of £947.70. The total amount payable would be £282,322.01 made up of the loan amount plus interest of £127,935.41 and the following fees, a Scheme Fee (£1144.60), a Chaps/Telegraphic Transfer fee (£25.00), a Valuation Fee (£175), a separate representation fee (£354.00) and a Mortgage Exit Administration Fee (£75.00). The overall cost for comparison is 5.7% 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