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.
|Period of Loan||Rate Payable|
Initial Variable Rate, Currently:
|Month 25 onwards||
Standard Variable Rate, Currently:
|Overall cost for comparison||5.1% 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.
Minimum loan size: £40,000
Maximum loan size for any single property: £1,000,000
Maximum combined loan for multiple properties: £2,000,000
For a minimum of 1 and maximum of 3 Buy-to-Let properties
Mixed Repayment/ Interest only mortgages will be considered.
During the first 2 years any additional amount repaid above the 5% permitted will be subject to an Early Repayment Charge of 2% of the amount repaid in year 1 and 1% of the amount repaid in year 2.
Regular overpayments are not permitted during the life of the product. Regular overpayments are amounts collected with, and in addition to, your monthly mortgage payments. You can make capital repayments each year during the life of the product of up to 5% of the balance outstanding when the product was taken out without incurring an Early Repayment Charge. However, any additional amount repaid above the annual 5% permitted will be subject to an Early Repayment Charge of 2% of the amount repaid in year 1 and 1% of the amount repaid in year 2. Following receipt of a lump sum payment, the amount of capital you owe will be re-calculated and the amount of interest you pay will be reduced immediately.
A mortgage of £169,038.00 payable over 25 years and 6 months initially on a discount rate for 2 years at 3% and then on our current variable rate of 5.24% for the remaining 23 years and 6 months, would require 24 monthly payments of £791.05 and 282 monthly payments of £987.35.
The total amount payable would be £299,816.90 made up of the loan amount plus interest (£128,379.90) and Mortgage Exit Fees (£125.00), Product Fee (£1,499.00), Telegraphic Transfer Fee, (£25.00), Valuation Fee (£350.00), Administration Fee (£150.00), Legal Fees (£250.00 - This is an estimated amount and may change).
The overall cost for comparison is 5.1% APRC representative.