2 Year Fixed Rate Buy-to-Let Mortgage (up to 75% LTV*) - F377

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 House Purchase

Period of loan Rate Payable Additional Information
Months 1-24 2.10% Fixed Rate £995 Product Fee - can be added to the loan
Month 25 onwards Standard Variable Rate Currently 4.99%
The overall cost for comparison is: 4.7% APRC

Product Code: F377

Key Features:

Product Fee £995 Product Fee
Maximum Loan to Value % The maximum loan to value is 75%*
Loan Size £30,000 to £350,000
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 sum borrowed 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. 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 core lending area defined as postcode areas: NP, CF, SA, LD, WR, GL, HR, BS, BA, SN, RG, OX, SY & TA.
  • 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 core lending area of NP, CF, SA, LD, WR, GL, HR, BS, BA, SN, RG, OX, SY & TA. The loan to value must be no greater than 75%.
  • 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
  • Maximum LTV for new build flats/apartments less than 3 years old is 65%. No exceptions allowed.
  • Properties sold at auctions
  • Multiple or short-term lets – for instance to students, DSS tenants or holiday lets
  • Limited company borrowers
  • Properties let to family members

Representative example:

A mortgage of £93,366 payable over 20 years and 4 months initially on a fixed rate for 2 years at 2.10% and then on our current variable rate of 4.99% for the remaining 18 years and 4 months would require 24 monthly payments of £470.47 and 220 monthly payments of £596.30.

The total amount payable would be £144,214.28 made up of the loan amount plus interest (£49,111.28), product fee (£995), valuation fee (£192), application fee (£150), legal costs (estimated £250), funds transfer fee (£25) and mortgage exit fees (£125).

The overall cost for comparison is 4.7% 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.

 
 


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