2 Year Fixed Rate Buy-to-Let Rate Switch Mortgage for Existing Borrowers (up to 75% LTV*) - F362

This rate switch package offers lower monthly payments during the first 2 years and has no product fee. At the end of the fixed rate period the interest rate will revert to our Standard Variable Rate.

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 Remortgage

Period of loan Rate Payable Additional Information
Months 1-24 2.65% No Product Fee
Month 25 onwards Standard Variable Rate Currently 4.99%
The overall cost for comparison is: 4.6% APRC

Product Code: F362

Key Features:

Product Fee No Product Fee
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 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.

Further Information:

  • *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 existing borrowers.
  • 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%.
  • 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, 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 2.65% and then on our current variable rate of 4.99% for the remaining 18 years and 4 months would require 24 monthly payments of £495.37 and 220 monthly payments of £599.08.

The total amount payable would be £143,811.48 made up of the loan amount plus interest (£50,320.48) and mortgage exit fees (£125).

The overall cost for comparison is 4.6% APRC representative.


Links to further important information and details of how to apply can be found on the top right-hand-side of this page.

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.

 
 


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