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|
|Lifetime of the Mortgage||
Initial Variable Rate, Currently:
The interest rate will not go below a floor rate of 2.74%
|Overall cost for comparison||5.4% 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.
No minimum loan size.
Maximum loan for any single property: £1,000,000
Maximum combined loan for multiple properties: £3,000,000
For a minimum of 1 and a maximum of 20 rental properties (Buy-to-Let and/or Holiday Let Only).
Mixed Repayment/ Interest only mortgages will be considered.
During the first 5 years any additional amount repaid above the 25% 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.
There is no extended tie in.
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 can make capital repayments during the life of the product of up to 25% of the balance outstanding when the product was taken out without incurring an Early Repayment Charge. However, any additional amount repaid above the annual 25% permitted will be subject to an Early Repayment Charge. Following receipt of a lump sum payment, the amount of capital you owe will be re-calculated and the amount of interest you pay will be reduced immediately.
A mortgage of £227,086.81 payable over 40 years and would require 480 monthly payments of £449.58 on our standard variable rate of 6.49% with a discount of 1.25% for the lifetime of the product, giving a current pay rate of 5.24%.
The total amount payable would be £543,043.20 made up of the loan amount plus interest (£315,956.39).
The overall cost for comparison is 5.4% APRC representative.