|Maximum Loan to Value (LTV)||80% LTV|
|Initial Variable Interest Rate, currently||3.49% (2.50% discount from the Society’s 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||5.99%|
|The Overall Cost for Comparison||5.8% APRC|
The following is a representative example based on a mortgage of £152,613 payable over 25 years initially on a discounted variable rate of 3.49% for 2 years followed by our Standard Variable Rate of 5.99%. In this example you would make an initial payment of £967.49, then 23 monthly payments of £763.20 followed by 276 monthly payments of £967.90
The total amount payable would be £287,289.49 made up of the loan amount plus interest of £133,048.49 and the following costs, a Scheme Fee of (£999.00), a Chaps/Telegraphic Transfer fee (£25.00), a Valuation Fee (£175), Legal Fees (£354) and a Mortgage Exit Administration Fee (£75.00).
The overall cost for comparison is 5.8% APRC representative.
Note: What you will pay may vary from this and will depend on your personal circumstances.
|Early Repayment Charge||2.50% of the redemption balance for 2 years.|
|Application Fee||There is no Application Fee payable for this product.|
|Scheme Fee||£999 (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).|
|Standard 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.|
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).
|Age||Minimum – 21 Years
Maximum – No Age Limit
|Term||Minimum – 2 Years
Maximum – 40 Years
|Loan Size||Minimum – £80,000
Maximum – £500,000 (Subject to LTV) please refer to our current criteria for details)
|Availability||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 email@example.com
|Overpayments||The Society will allow overpayments of up to 10% of the redemption 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.|
This is a limited issue and the Society reserves the right to withdraw this scheme without notice at any time.