|Maximum Loan to Value (LTV)||80% LTV|
|Initial Variable Interest Rate, currently:||2.99% (2.75% 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:||5.74% (The Society’s Standard Variable Rate is set by its Board of Directors)|
|The Overall Cost for Comparison is:||5.5% APRC|
Minimum – 25 years
Maximum – No Age Limit
Minimum – 2 years
Maximum – 40 years
Minimum Loan £80,000
Maximum Loan £1,000,000 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. 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
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 135% of the mortgage interest payment when stress tested at the higher of 5.50% or the mortgage interest rate plus 2.00%.
|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 to the Introducer by the Society upon completion of the mortgage. Please refer to your Introducer for details.|
|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).|
|Application Fee||There is no application fee payable for this this product.|
|Early Repayment Charge||2.75% 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|