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 1-60 |
3.00% |
| Month 60 onwards |
Standard Variable Rate, Currently: 4.74% |
| Overall cost for comparison | 4.0% APRC |
F593
None
75% LTV
£40,000 to £1,000,000 or £2,000,000 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 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
You will not have to pay the usual legal fees in securing your new mortgage if our appointed solicitors are used.
Our solicitors act for the Society only to ensure we have good legal claim over your property. You will have to pay for any additional legal work that the solicitors do which is beyond the usual scope of a simple remortgage, for example, change of your name, transfers of equity, deeds of postponement, merger of freehold and leasehold, remedy of any title defect, etc.
One free standard valuation on properties up to £1,000,000 in value
- 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, No early repayment charges apply to this mortgage. 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 £151,550.00 payable over 20 years and 6 months initially on a fixed rate for 5 years at 3.00% and then on our current variable rate of 4.74% for the remaining 15 years and 6 months, would require 60 monthly payments of £825.54 and 186 monthly payments of £932.47.
The total amount payable would be £223,096.82 made up of the loan amount plus interest (£71,421.82) and Mortgage Exit Fees (£125.00).
The overall cost for comparison is 4.0% APRC representative.
