5 Year Fixed Buy to Let Rate Switch

F595

None

75% LTV

No minimum loan. 

Maximum loan £1 million for any single property or £2 million aggregate lending over a maximum of 3 properties.

Mixed Repayment/Interest only mortgages will be considered. For new borrowers the interest only element cannot exceed 50% LTV. Existing Society borrowers will be allowed to transfer their existing interest only loan if they move house but any additional borrowing must be on a repayment basis. All borrowers will be required to provide evidence of how they intend to repay interest only loans.

During the first 5 years any additional amount repaid above the 5% 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 fixed rate period. 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 amount outstanding at the time of the rate switch in each of the first 5 years, without an early repayment charge. However, during the first 5 years any additional amount paid above the 5% 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 and 2% of the amount repaid in year 5. Following receipt of the lump sum payment, the amount that you owe, and so the 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 can 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 1% is payable on the difference in the amount of this loan and the amount transferred. All loans must be secured on a residential property within Wales & England. 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.