5.35% Fixed Buy to Let Rate Switch - Max LTV 75%
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 |
Months 1 - 24 |
5.35% |
Month 25 Onwards |
Standard Variable Rate, Currently: 7.99% |
Overall Cost For Comparison |
7.7% APRC |
740F
£1249
75% LTV
No minimum loan.
Maximum loan size for any single property: £2,000,000
Maximum combined loan for multiple properties: £3,000,000 (maximum 3 properties)
Interest only, Repayment or Mixed repayment / Interest only.
During the first 2 years any additional amount repaid above the 10% permitted will be subject to an Early Repayment Charge of 3% of the amount repaid in years 1 & 2.
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 have an annual overpayment allowance on this product of 10% of the balance of the loan outstanding at the start of each year, which applies from the date of Completion and then each year on the anniversary of this date until the end of the term. If you do not use your annual overpayment allowance in any year, it will not be carried over to a subsequent year.
None
- The maximum Loan to Value is the amount of a mortgage loan expressed as a percentage of the purchase price or valuation, whichever is the lower.
- Available in England and Wales.
- 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 2% 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.
Representative example:
A mortgage of £162,241.68 payable over 19 years and 9 months initially on a fixed rate for 2 years at 5.35% and then on our current standard variable rate of 7.99%, for the remaining 17 years and 9 months, would require 24 monthly payments of £1,110.15 and 213 monthly payments of £1,341.55.
The total amount payable would be £313,642.75 made up of the loan amount plus interest (£150,152.07) and Product Fee (£1,249.00).
The overall cost for comparison is 7.7% APRC representative.