|Period of Loan||Rate Payable|
Initial Variable Rate, Currently:
|Month 61 onwards||
Standard Variable Rate, Currently:
|Overall cost for comparison||4.7% 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.
1% of the total loan amount
Minimum loan: £40,000
Maximum loan for any single property: £1,000,000
Maximum combined loan for multiple properties: £3,000,000
For a minimum of 4 and a maximum of 20 rental/investment type properties (Buy-to-Let, Holiday Let, HMO and/or Multi Unit Freehold).
Mixed Repayment/ Interest only mortgages will be considered.
During the first 5 years an Early Repayment Charge of 5% of the amount repaid in year 1, 4% of the amount repaid in year 2, 3% of the amount repaid in year 3, 2% of the amount repaid in year 4 & 2% of the amount repaid in year 5 will be incurred. After this period no early repayment charges apply.
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 25% of the balance outstanding when the product was taken out, without incurring an Early Repayment Charge. However, any additional amount repaid above the annual 25% permitted will be subject to an Early Repayment Charge of 5% of the amount repaid in year 1, 4% of the amount repaid in year 2, 3% of the amount repaid in year 3, 2% of the amount repaid in year 4 & 2% of the amount repaid in year 5. 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 £200,000.00 payable over 20 years and 9 months initially on a discount rate for 5 years at 3.54% and then on our current variable rate of 5.24% for the remaining 15 years and 9 months, would require 60 monthly payments of £1,135.14 and 189 monthly payments of £1,278.43.
The total amount payable would be £312,421.67 made up of the loan amount plus interest (£109,731.67) and Telegraphic Transfer Fee, (£25.00), Valuation Fee (£290.00), 1% Product Fee (£2,000.00), Mortgage Exit Fees (£125.00), Legal Fees (£250 - this is an estimated amount and may change).
The overall cost for comparison is 4.7% APRC representative.