2.25% BTL Discount for Term Further Advance
Representing a 2.25% discount off our BTL Standard Variable Rate which is currently 5.49%
(The overall cost for comparison)
Available for: Buy to Let Further Advances Only
Min/Max Adv: £5,000/£1,000,000
Max Loan To Value: 70%
Arrangement Fee: N/A
Valuation Fee: A revaluation fee of £150 may be applicable
Application Fee: £80
Early Repayment Charge (ERC): 1% in the first 3 years
Overpayments: 10% of the advance amount can be repaid per annum for three years without incurring a charge. A 1% charge is due on any amount repaid that exceeds 10% per annum
Restrictions: This mortgage must be repaid on a capital & interest basis or interest only basis.
Other Features: N/A
A mortgage of £20,000 payable over 17 years initially on our discounted rate at 2.25% below the Society's BTL Standard Variable Rate of 5.49% for the mortgage term of 17 years would require 204 monthly payments of £127.63 plus one initial interest payment of £55.04.
The total amount payable would be £26,346.56 made up of the loan amount plus interest (£6,091.56) and Revaluation Fee (£150), CHAPS fee (£25) and Application Fee (£80).
The overall cost for comparison is 3.5% APRC representative.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
We have enhanced our Right to Buy offering by reducing rates and increasing the loan-to value, making the opportunity for your clients to purchase their currently council owned homes a reality.
Our Discount for Term Right-to-Buy and Right-to-Buy Further Advance products now have a reduced rate of 3.79% over the mortgage term. The LTV has also been increased to 85% (100% of the discounted purchase price) from 80%.
Furthermore, our Discount for Term Interest Only and Discount for Term Part & Part products also see a reduced rate to 3.64%. Our Discount for Term Interest Only product is now available for both purchase and remortgage.
Find out more here.