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 |
Initial Variable Rate, Currently:5.95% (2.04% Discount)The interest rate will not go below a floor rate of 3.50% |
Month 25 Onwards |
Standard Variable Rate, Currently: 7.99% |
Overall Cost For Comparison |
7.7% 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.
D647
None
75% LTV
No minimum loan size.
Maximum loan size £1,000,000.
Interest Only, Repayment or Mixed Interest-Only/Repayment.
During the first 2 years an early repayment charge of 2% of the amount repaid will be incurred. After this period no early repayment charges apply.
Regular overpayments are not permitted during the first 2 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 5% of the original loan amount in each of the first 2 years without an early repayment charge. However, during the first 2 years any additional amount repaid above the 5% permitted will be subject to an Early Repayment Charge of 2% of the amount repaid in year 1 & 2% of the amount repaid in year 2. Following receipt of a lump sum payment, the amount that you owe, and so the amount of interest you pay, is reduced immediately.
None.
Applications will not be considered in respect of:
Representative example:
A mortgage of £156,423.25 payable over 15 years and 11 months initially on a variable discount rate for 2 years at 5.95% and then on our current standard variable rate of 7.99%, for the remaining 13 years and 11 months, would require 24 monthly payments of £1,268.97 and 167 monthly payments of £1,430.16.
The total amount payable would be £269,292 made up of the loan amount plus interest ( £112,868.75).
The overall cost for comparison is 7.7% APRC representative.