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 Fixed Rate, Currently:
|Month 25 onwards||
Standard Variable Rate, Currently:
|Overall cost for comparison||4.4% APRC|
No Product Fee
No minimum loan size.
Maximum loan size £1,000,000 for any single property or £3,000,000 aggregate lending over a maximum of 3 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 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 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 2% 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.
A mortgage of £202,199.58 payable over 18 years and 8 months initially on a fixed rate for 2 years at 2.70% and then on our current variable rate of 4.74% for the remaining 16 years and 8 months, would require 24 monthly payments of £1,150.17 and 200 monthly payments of £1,340.27.
The total amount payable would be £295,783.08 made up of the loan amount plus interest (£93,458.50) and Mortgage Exit Fees (£125.00).
The overall cost for comparison is 4.4% APRC representative.