60% LTV Buy To Let Discount Mortgage
- You need a mortgage for an investment property to let out
- Your rate will be a discount on our SVR
- Your're able to borrow up to 60% of the value or purchase price of your property (LTV)
- You're able to borrow up to a maximum of £500,000
Ways to apply
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
- Typical example
- Important information
- Fees & charges
- Other services
3.14% off SVR until 31/01/2020
The overall cost for comparison
Our current Standard Variable Rate (SVR)
Maximum Loan to Value (LTV)
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- This mortgage is only available to people seeking to buy or re-mortgage a property in order to let it.
- This mortgage is not available if you already have more than 3 mortgaged buy to let properties owned solely, jointly or in aggregate irrespective of whether the loans are with the Society or another lender.
- Borrow from £25,001 up to £500,000 maximum (please refer applications over £250,000).
- You must buy a property worth at least £50,000 (£75,000 in London postal districts).
- This kind of mortgage is not available for: Multiple or short-term lets.
- Discount mortgage rates are variable. If our standard variable rate increases or decreases, the discounted rate you pay will increase or decrease accordingly. However, the discounted rate will never fall below 1.60%.
- This mortgage is available for holiday lets, as long as you do not already have a mortgage for this purpose.
There is no drawdown facility with this product.
There is no payment holiday facility with this product.
There is an overpayment facility with this product.
There is no underpayment facility with this product.
There is no borrow back facility with this product.
Fee, charges and incentives
There is no free valuation with this product.
There is no help with legal fees with this product.
Mortgage Commitment Fee
There is no Mortgage Commitment Fee.
Early Repayment Charges
You will incur an early repayment charge of 1% of the amount repaid if you repay the loan in full on or before 31/01/2020.
There is no cashback facility with this product.
A mortgage of £76,000 payable over 21 years initially on a variable rate for 2 years at 2.85% and then on our standard variable rate of 4.90% (variable) for the remaining 19 years would require 24 monthly payments of £401.13 and 228 monthly payments of £476.14. The total amount payable would be £118,372.04 made up of the loan amount plus interest (£42,372.04) and a product fee (£0.00) and valuation fee (£0.00). The overall cost for comparison is 4.6% APRC representative.
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