| Period of Loan | Rate Payable |
| Months 1-60 |
Initial Variable Rate, Currently: 3.45% (1.29% discount) The interest rate will not go below a floor rate of 2.70% |
| Month 61 onwards |
Standard Variable Rate, Currently: 4.74% |
| Overall cost for comparison | 4.2% 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.
D479
None
75% LTV
No minimum loan size
Maximum loan for any single property: £1,000,000
Maximum combined loan for multiple properties: £3,000,000
For a minimum of 1 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.
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. With our portfolio range, the maximum Loan to Value can be assessed across the entire portfolio.
- Whilst there is flexibility to add, remove and substitute properties within this portfolio, the product is not portable to another mortgage within the Society. If a property is added, removed or substituted during the life of this mortgage, the entire portfolio will need to be reviewed and assessed at a cost of £150 administration fee. Any valuation or legal fees incurred will need to be paid by the applicant(s).
- For loans greater than £3,000,000 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 £192,569.00 payable over 22 years initially on a variable discount rate for 5 years at 3.45% and then on our current standard variable rate of 4.74% for the remaining 17 years, would require 60 monthly payments of £1,041.93 and 204 monthly payments of £1,148.36.
The total amount payable would be £296,906.24 made up of the loan amount plus interest (£104,212.24) and Mortgage Exit Fees (£125.00).
The overall cost for comparison is 4.2% APRC representative.
