1.75% Holiday Let Discount for Term
Representing a 1.75% discount off our Buy To Let Residential Standard Variable Rate which is currently 5.49%
(The overall cost for comparison)
Available for: Purchase and Remortgage
Min/Max Adv: £25,000/£500,000
Max Loan To Value: 70% (including arrangement fee)
Arrangement Fee: £750 (If the arrangement fee is added to the loan; the Loan to Value must not exceed 70%)
Valuation Fee: Payable on application. See Valuation Fee leaflet.
Application Fee: £125
Early Repayment Charge (ERC): 3% in the first two years
Overpayments: 20% of the advance amount can be repaid per annum for two years without incurring a charge. A 3% charge is due on any amount repaid that exceeds 20% per annum
Restrictions: This mortgage can be repaid on a capital & interest basis or interest only basis.
Other Features: N/A
A mortgage of £124,445 payable over 25 years on our discounted rate at 1.75% below the Society’s Buy to Let Standard Variable Rate of 5.49% (variable) for the mortgage term of 25 years would require 300 monthly payments of £639.13 plus one initial interest payment amount of £395.29..
The total amount payable would be £193,399.29 made up of the loan amount plus interest (£67,689.29) and Arrangement fee (£750), Valuation fee (£240), CHAPS fee (£25), Application Fee (£125) and Discharge fee (£125).
The overall cost for comparison is 3.9% 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.