|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.
|Age||Minimum – 21 Years
Maximum – No Age Limit
|Term||Minimum – 2 Years
Maximum – 40 Years
|Loan Size||Minimum – £80,000
Maximum – £3500,000 (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 firstname.lastname@example.org
|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.
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.