2 Year Discount Rate Buy-to-Let Mortgage (up to 75% LTV*) - D239

This Buy-to-Let mortgage allows you to purchase a residential property to let.

If you fail to keep up with payments on your mortgage a 'receiver of rent' may be appointed and/or your rental property may be repossessed.

Your home may be repossessed if you do not keep up repayments on your mortgage. Think carefully before securing other debts against your home.

Interest Rates:

For Purchase

Period of loan Rate Payable Additional Information
Months 1-24 (3.29% discount) Variable Rate Currently 1.70% £999 Product Fee - can be added to the loan
Month 25 onwards (no discount) Standard Variable Rate Currently 4.99%
The overall cost for comparison is: 4.6% APRC

Interest rates are variable. All discounts are off our standard variable rate currently 4.99%.

Product Code: D239

Key Features:

Product Fee £999
Maximum Loan to Value % The maximum loan to value is 75%*
Loan Size £30,000 to £350,000 for any single property
Repayment Type Interest Only, Repayment or Mixed Interest-Only/Repayment.
Early Repayment Charge During the first 2 years an early repayment charge of 3% of the amount repaid will be incurred. After this period no early repayment charges apply.
Overpayments Regular overpayments are not permitted during the first 2 years from completion. Regular overpayments are amounts collected with, and in addition to, your monthly mortgage payments. You may make capital repayments of up to 5% of the original loan amount in each of the first 2 years without an early repayment charge. However, during the first 2 years any additional amount repaid above the 5% permitted will be subject to an Early Repayment Charge of 3% of the amount repaid in years 1 & 2. Following receipt of a lump sum payment, the amount that you owe, and so the amount of interest you pay, is reduced immediately
Application Fee £150

Further Information:

  • *For Purchase the maximum Loan to Value is the amount of a mortgage loan expressed as a percentage of the value of the property against which the loan will be secured. Maximum Loan to value for new build flats/apartments less than 3 years old is 65%. No exceptions allowed.
  • Please note that our current Buy-to-Let products are ONLY available in our lending area of England and Wales
  • This mortgage is available to people seeking to buy a property in order to let it.
  • Rental income must be a least 45% more than the mortgage interest repayments (based on the initial rate payable plus 2% or 5.5%, whichever is greater). This stress test does not apply to CBTL as rent is not considered as income.
  • These terms may be transferred to any new loan up to the amount of this loan, provided it is used for Buy-to-Let purposes, completes at the same time as redemption of this loan and you still meet the Society’s lending criteria at that time. If the new loan is for less than this loan or you do not transfer these terms, an early repayment charge calculated at 3% is payable on the difference in the amount of this loan and the amount transferred. All loans must be secured on land within our lending area of England and Wales.
  • For multiple property applications there is a maximum loan size of £750,000. Portfolios above £750,000 will be considered on an individual basis.
  • For single named applications, the applicant’s income from either employment or self employment must be at least £25,000 per year. In the case of a joint application, the income of the main applicant (i.e. the highest earner) must be at least £25,000 per year. The applicant (or one of the applicants in the case of a joint application) must be an existing home owner at the time of the application. 
  • Our Tariff of Mortgage Charges gives details of the charges payable in connection with mortgage applications and additional administration following completion of your loan.

Applications will not be considered in respect of:

  • Flats above shops or other commercial properties
  • Right to Buy’ council homes
  • Properties sold at auctions
  • Multiple or short-term lets – for instance to students or holiday lets
  • Limited company borrowers
  • Properties let to family members

Representative example:

 A mortgage of £87,949 payable over 19 years and 10 months initially on a discount rate for 2 years at 1.70% and then on our current variable rate of 4.99% for the remaining 17 years and 10 months would require 24 monthly payments of £435.58 and 214 monthly payments of £567.80.

 The total amount payable would be £133,704.12 made up of the loan amount plus interest (£44,014.12), product fee (£999), application (£150), funds transfer fee (£25) valuation fee (£192), legal costs (estimated £250) and mortgage exit fees (£125).

The overall cost for comparison is 4.6% APRC representative.

Monmouthshire House, John Frost Square, Newport, NP20 1PX
Tel: 01633 844444
Fax: 01633 844445

Monmouthshire Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register Number: 206052.

Most Buy to Let Mortgages are not regulated by the Financial Conduct Authority or the Prudential Regulation Authority.


Privacy & Cookies

We use cookies on this website to help make your experience of this website better. In compliance with changes to EU cookie legislation, and to control and remove cookies, please view our Privacy & Cookie policy. Please note, by continuing on this site you are agreeing for cookies to be placed on your computer.

I accept

This notice should only appear the first time you visit the site.