IF YOU FAIL TO KEEP UP WITH PAYMENTS ON YOUR MORTGAGE A ‘RECEIVER OF RENT’ MAY BE APPOINTED AND/OR YOUR PROPERTY MAY BE REPOSSESSED.
| Period of Loan | Rate Payable |
| Months 1- 24 |
Initial Variable Rate, Currently: 2.35% (2.39% discount) The interest rate will not go below a floor rate of 1.60% |
| Month 25 onwards |
Standard Variable Rate, Currently: 4.74% |
| Overall cost for comparison |
4.4% APRC |
Interest Rates are variable. All discounts are off our Standard Variable Rate. If our Standard Variable Rate changes, your monthly repayments could go up or down.
D473
None
75% LTV
No minimum loan.
Maximum loan £1 million for any single property or £3 million aggregate lending over a maximum of 3 properties.
Mixed Repayment/Interest only mortgages will be considered. For new borrowers the interest only element cannot exceed 75% LTV. The latter only applies to new borrowers. Existing borrowers will be allowed to switch into a new product and port their interest only loan if they move house. If they wish to borrow more than their current interest only element this must be on a repayment basis. Where borrowers wish to continue with an interest-only loan Society staff must establish how they intend repaying this and where possible encourage those that are able to do so to convert all or part to a repayment basis.
During the first 2 years any additional amount repaid above the 10% permitted will be subject to an Early Repayment Charge of 1% of the amount repaid in years 1 & 2.
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 10% 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 10% permitted will be subject to an Early Repayment Charge of 1% 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.
None
- 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.
- These terms can 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 1% is payable on the difference in the amount of this loan and the amount transferred. All loans must be secured on a residential property within Wales & England. The loan to value must be no greater than 75%.
- For loans greater than £1,000,000 please contact us.
- Mortgage interest is calculated on a daily basis.
- Our Tariff of Mortgage Charges gives details of the charges payable in connection with mortgage applications and additional administration following completion of your loan.
- Loans available to persons aged 21 or over and are subject to status and valuation of a suitable property, over which security will be required. All lending will be subject to appraisal of the financial standing of the applicants.
Representative Example
A mortgage of £208,813.00 payable over 22 years and 7 months initially on a variable discount rate for 2 years at 2.35% and then on our current standard variable rate of 4.74% for the remaining 20 years and 7 months, would require 24 monthly payments of £993.73 and 247 monthly payments of £1,234.25.
The total amount payable would be £328,834.27 made up of the loan amount plus interest (£119,896.27) and Mortgage Exit Fees (£125.00).
The overall cost for comparison is 4.4% APRC representative.
