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|
|Month 60 onwards||
Standard Variable Rate, Currently:
|Overall cost for comparison||4.6% APRC|
1% of loan amount
£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 5 years any additional amount repaid above the 10% 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.
Regular overpayments are not permitted during the first 5 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 10% of the original sum borrowed in each of the first 5 years without an early repayment charge. However, during the first 5 years any additional amount repaid above the 10% 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 that you owe, and so the amount of interest you pay, is reduced immediately.
A mortgage of £221,507.00 payable over 19 years and 5 months initially on a fixed rate for 5 years at 3.89% and then on our current variable rate of 4.74% for the remaining 14 years and 5 months, would require 60 monthly payments of £1,355.94 and 173 monthly payments of £1,432.79.
The total amount payable would be £332,349.14 made up of the loan amount plus interest (£107,722.07) and Valuation Fee (£505.00), Telegraphic Transfer Fee, (£25.00), 1% Product Fee (£2,215.07), Mortgage Exit Fees (£125.00), Legal Fees This is an estimated amount and may change. (£250.00).
The overall cost for comparison is 4.6% APRC representative.