|Maximum Loan to Value (LTV)||80%|
|Initial Interest Rate||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||5.2% APRC|
|Age||Minimum – 21 Years|
|Term||Minimum – 2 Years
Maximum – 40 Years
|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 firstname.lastname@example.org
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).
|Application Fee||No application fee|
|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).|
|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.
|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.
This is a limited issue and the Society reserves the right to withdraw this scheme without notice at any time.
At Chorley Building Society, we aim to help you find the mortgage that’s right for you and provide you with the best possible service. Whether looking to purchase a home or remortgage, we are here to help.
What you can expect from us:
Book an appointment
Meet one of our mortgage advisers who will explain all your options, services and procedures clearly. No jargon. No pressure. Just honest, trusted professional advice with your interests at heart.
Prepare for your appointment
To ensure we provide you with the best possible service, please review the following and bring as much information as possible to your appointment.
For more information, please contact us on 01257 235001
This information is for illustrative purposes only and does not contain all the details you need to choose a mortgage. All the information required will be provided during an interview with one of our mortgage advisers in a European Standardised Information Sheet.
We accept business from Appointed Representatives (ARs) and Directly Authorised (DA) intermediaries. However you must be registered via a Network or a Mortgage Club to submit a Decision in Principal or Application to us.
All cases are underwritten individually by our qualified underwriters. Call the mortgage team on 01257 235001.
MIN BTL Rental Figure Required 125% (Basic Rate)
MIN BTL Rental Figure Required 148% (Higher Rate)
This information is for illustrative purposes only and does not contain all the details you need to choose a mortgage.
The Society will collect your email address as an alternative means of communication if we cannot reach you via telephone. This data will not be used for any other purpose.