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
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
- Summary
- Typical example
- Important information
- Fees & charges
- Other services
1.70% p.a.
3.35% off SVR until 31/07/2021
4.8% APRC
The overall cost for comparison
5.05% p.a.
Our current Standard Variable Rate (SVR)
60%
Maximum Loan to Value (LTV)
| Product Fee | £895 |
|---|---|
| Mortgage Commitment Fee | £0 |
| Early Repayment Charge | Please click on the Fees & Charges tab for details. |
| Maximum Loan | £750,000 |
Important information
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 £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 for holiday lets.
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Drawdown
There is no drawdown facility with this product. -
Payment holiday
There is no payment holiday facility with this product. -
Overpayment
There is an overpayment facility with this product. -
Underpayment
There is no underpayment facility with this product. -
Borrow back
There is no borrow back facility with this product.
Fee, charges and incentives
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Product fees
£895 -
Valuation fees
There is no free valuation with this product. -
Legal fees
There is no legal fee payable 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 31/07/2021. -
Cashback
There is no cashback facility with this product.
A mortgage of £127,900 payable over 22 years initially on a variable rate for 2 years at 1.80% and then on our standard variable rate of 5.05% (variable) for the remaining 20 years would require 24 monthly payments of £191.85 and 240 monthly payments of £538.25. The total amount payable would be £261,869.40 made up of the loan amount plus interest (£133,969.40) and a product fee (£0.00) and valuation fee (£0.00). The overall cost for comparison is 4.7% APRC representative.
Why Principality?
- 6th largest UK building society
- A mutual building society, owned by and run for the benefit of our 500,000 members
- Over 150 years experience
- Taking care of over £10 billion of our customers' assets
- Members can access a Member Rewards page featuring competitions, discounts and more.
