60% LTV Buy To Let Fixed Rate Mortgage
- You need a mortgage for an investment property to let out
- You'll know exactly what your payments are each month
- You have the certainty of a fixed interest rate
- You'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
Until 31/01/20, then changing to our Standard Variable Rate (SVR)
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.
- Although the interest rate will not rise before the end of the fixed rate period, other factors may result in your payments increasing before this date e.g. unpaid amounts being debited to your account.
- 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 2% of the amount repaid if you repay in full on or before 30/06/19 and 1.5% of the amount repaid if you repay in full after 30/06/19 and on or before 30/06/20.
There is no cashback facility with this product.
A mortgage of £150,895 payable over 30 years initially on a fixed rate for 2 years at 2.15% and then on our standard variable rate of 4.90% (variable) for the remaining 28 years would require 24 monthly payments of £270.35 and 336 monthly payments of £616.15. The total amount payable would be £365,489.80 made up of the loan amount plus interest (£214,594.80) and a product fee (£895.00) and valuation fee (£0.00). The overall cost for comparison is 4.7% APRC representative.
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