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 Fixed Rate, Currently: 2.70% |
| Month 25 onwards |
Standard Variable Rate, Currently: 5.24% |
| Overall cost for comparison | 4.7% APRC |
F632
No Product Fee
75% LTV
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.
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 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 2% of the amount repaid in years 1 & 2 is payable on the difference in the amount of this loan and the amount transferred is payable on the difference between the amount of this loan and the amount transferred. All loans must be secured on a residential property within England & Wales. 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 £178,643.05 payable over 17 years and 3 months initially on a fixed rate for 2 years at 2.70% and then on our current variable rate of 5.24% for the remaining 15 years and 3 months, would require 24 monthly payments of £1,080.48 and 183 monthly payments of £1,286.83.
The total amount payable would be £261,546.41 made up of the loan amount plus interest (£82,778.36) and Mortgage Exit Fees (£125.00).
The overall cost for comparison is 4.7% APRC representative.
