60% LTV Holiday Let Mortgage
- You need a mortgage for an investment property to let out
- You're are 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 £750,000
- No product fee and mortgage commitment fee
- No valuation fee
- Legal fees paid for remortgages
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 30/04/2022, then changing to our Standard Variable Rate (SVR)
The overall cost for comparison
Our current Standard Variable Rate (SVR)
Maximum Loan to Value (LTV)
|Mortgage Commitment Fee||£0|
|Early Repayment Charge||Please click on the Fees & Charges tab for details.|
- This mortgage is only available to people seeking to buy or remortgage 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 £750,000 maximum (please refer applications over £750,000).
- 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 not available if you already have more than 2 mortgaged Holiday Let properties owned solely, jointly or in aggregate irrespective of whether the loans are with the Society or another lender (including current application).
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
The Principality Building Society will bear the cost of a Standard Report and Standard Valuation for Mortgage Purposes Only.
If you are re-mortgaging, we will pay the legal fees incurred in securing your new mortgage if you use our solicitors, though they will act for us only. If you would like our solicitors to advise you or carry out additional work, they may do so at your cost, if they agree. If there is additional work involved, our solicitors may be unable to secure your new mortgage. In this instance, you will need to appoint your own solicitor and pay their fees in full. You may always use your own solicitor at your cost, subject to our approval. You must pay all legal fees if purchasing a property.
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 April 2021 and 1.5% of the amount repaid if you repay in full after 30 April 2021 and on or before 30 April 2022.
There is no cashback facility with this product.
A mortgage of £217,500 payable over 20 years initially on a fixed rate for 2 years at 2.20% and then on our standard variable rate of 5.05% (variable) for the remaining 18 years would require 24 monthly payments of £398.75 and 216 monthly payments of £915.31. The total amount payable would be £424,961.96 made up of the loan amount plus interest (£207,461.96) and a product fee (£0.00) and valuation fee (£0.00). The overall cost for comparison is 4.7% APRC representative.
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