YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Key Comparison Notes
|A discount off the Society’s Standard Variable Rate for 3 years of 1.26%.||3.99%|
|Followed by the Society’s Standard Variable Rate for the remaining term of the loan, currently:||5.25%|
|The overall cost comparison is:||5.2%
Buy to Let (Remortgage)
Interest Only and Capital Repayment Basis
Capital Repayment and Interest Only mortgages available.
Available for remortgages only.
The minimum loan amount is £30,000.00.
The maximum loan amount is £275,000.00.
The maximum loan to value is 70%.
The Society will, subject to compliance with the Mortgage Conditions, offer a 1.26% discount off the Society’s Standard Variable Rate for 3 years making the current rate payable 3.99%. After 3 years the Society’s Standard Variable Rate, currently 5.25%, will apply.
An early repayment charge will be payable if the mortgage is redeemed within the first three years. The early repayment charge will be equivalent to 1.26% of the capital repaid less the permitted 10% overpayment allowance.. Overpayments (monthly or lump sum) up to a total of 10% of the outstanding loan per year are allowed without charge. Any amount repaid over the 10% limit will incur an early repayment charge of 1.26% on the excess amount.
- Application Fee – £249. Payable on application. Non-refundable.
- Product Fee – £800. Payable in advance, refundable prior to completion. Can be added to loan (subject to LTV limits). Can be deducted from advance upon completion (subject to LTV limits).
- For properties valued up to £1m, the Society will meet the cost of one mortgage valuation.
- Mortgage exit fee – £50.00. Payable upon redemption of the mortgage.
- In the case of remortgages, the title of the property to be mortgaged, must be registered at the land registry prior to making an application. The Society will, for this application, pay up to a maximum of £500 towards legal costs (including disbursements) if using the Society’s nominated solicitors, who will act for both the Society and borrower(s). For mortgage applications where additional legal work is required, you will be liable for the cost of additional legal fees, but these will be agreed between you and the Solicitors before the additional work is carried out. Once legal works have commenced if you withdraw from the transaction or fail to take up the mortgage advance then you will become responsible for all the legal costs without a contribution from the Society.
If the mortgage is on an interest only basis with the mortgaged property being the repayment vehicle, the Society will require a five yearly review of the value of the property, the cost of which will be borne by the borrower. The cost of each revaluation will be in the region of £100. If the balance outstanding exceeds 70% at the time of the revaluation, the Society may require the balance on the mortgage to be reduced accordingly.
If the mortgage is on an interest only basis, compliance with the terms and conditions of the mortgage contract does not ensure repayment of the total amount of credit, as the monthly repayments required will only repay the interest on the mortgage and not the capital outstanding.
As this product will apply to property which is not owner occupied, the loan will not be a Mortgage Credit Directive (MCD) regulated mortgage contract under the Financial Conduct Authority’s Mortgage Conduct of Business Regulations.
This mortgage is portable, subject to suitable security and underwriting assessment.
This product may be withdrawn without notice.
A mortgage of £93,710.00 payable over 19 years on our discounted rate for 3 years at 1.26% below the Society’s current variable rate, making the current rate payable 3.99% (variable), and then on our current variable rate of 5.25% (variable) for the remaining 16 years would require 36 monthly payments of £586.95 and a further 192 monthly payments of £641.45 plus one initial interest payment of £153.66.
The total amount payable would be £145,751.26 made up of the loan amount plus interest (£50,732.26) and an application fee of £249.00, a product fee of £800.00, a valuation fee of £210.00 and a mortgage exit fee of £50.00.
The overall cost for comparison is 5.2% APRC representative.
This representative example assumes a mortgage completion date on the 15th day of a calendar month.
The above representative example is for illustration purposes only and may vary depending on your personal circumstances.
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.
Further Buy to Let Mortgage Products:
|Products||Prod Code||More Details||Distribution||Initial Rate||Initial Period||Reverts to||App Fee||Product Fee||Free Val?||Fee Assisted Legals?||Max LTV||Min Loan Amount||Max Loan Amount||ERC||Features|
|Buy to Let (Purchase)||BLP8||View Details||Broker & Direct||3.99%||3 Years||SVR||£249||£800||No||No||70%||£30,000||£275,000||1.26% During Disc Period||
|Buy to Let – Large Loan (Purchase)||P006||View Details||Broker & Direct||3.99%||3 Years||SVR||£749||£800||No||No||70%||£275,001||£500,000||1.26% During Disc Period||
|Buy to Let (Remortgage)||R254||View Details||Broker & Direct||3.99%||3 Years||SVR||£249||£800||Yes||Yes||70%||£30,000||£275,000||1.26% During Disc Period||
|Buy to Let – Large Loan (Remortgage)||R255||View Details||Broker & Direct||3.99%||3 Years||SVR||£749||£800||Yes||Yes||70%||275,001||£500,000||1.26% During Disc Period||