Buy-to-Let - 1.49% Discount for Term |
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| Interest Rate |
| 1.49% discount off the Society's Standard Variable Rate (SVR) for term |
The interest rate will never fall below |
Overall cost for
comparison |
| 4.0% |
3.5% |
4.1% APR* Variable |
| The rate payable is a variable rate which follows the Society's SVR, currently 5.49%. The Society sets its SVR by taking into account a number of factors, including the Bank of England Base Rate. The SVR can be changed at any time, but will not necessarily rise or fall in line with movements in the Bank of England Base Rate. |
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE | |
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| Scheme Features |
| Maximum Percentage Loan - Repayment |
70% of purchase price/valuation (60% for flats) |
| Maximum Percentage Loan - Interest Only |
70% of purchase price/valuation (60% for flats).
Provided suitable repayment vehicles are in place (for further details see below). |
| Minimum Loan |
£50,000 |
| Maximum Loan |
£250,000 |
| Early Repayment Charges |
Early repayment charges apply for the first 2 years (for further details see below) |
| Arrangement Fee |
£900 |
| Administration Fee |
£95 - non refundable, payable on application |
| Exit Fee |
£185 - Comprising:
Redemption Statement £60
Discharge Fee £75
Deeds Release Fee £50 |
| Help with Legal Fees? |
Not applicable |
| Help with Valuation Fee? |
Yes (for further details see below) |
| Help with Home Insurance? |
Yes, for further details see our Home Insurance page. Our buildings insurance is not compulsory, however a £30 fee will be charged to the account if you take out your own buildings insurance. |
| Who is this product suitable for? |
This product is suitable for customers looking for a discount off a variable rate for the term of their buy-to-let mortgage. |
| Additional Information |
No more than 3 properties in the portfolio. |
| How to Apply |
Paper applications only. Please call us on 01858 412610 and speak to Jake, Debbie, Kevin, Sue or Tina - they will be delighted to help.
Please let them know if you require our Mortgage application form in Braille or Large Print. | |
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| How much you can borrow |
| Our decision to lend and how much you can borrow will be based on all of the following criteria: |
- Affordability of your own residential mortgage calculated on your earned income.
- Rental income received.
- Affordability of both your own residential mortgage, and all your Buy-to-Let mortgages calculated on your earned income and rental income received.
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| Interest Only Repayment Vehicle |
| All Interest Only mortgage applications must have a suitable repayment vehicle in place. These can include endowments, pensions, ISAs or a second property, conditions apply - please talk to our Mortgage Sales team for more details. |
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| Self Employed Requirements |
| 3 years certified accounts, or 2 years certified accounts and one year projected. |
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| Valuation Fee |
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A payment of up to £300 will be made when your mortgage funds are released to assist with the cost of the basic valuation fee. |
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| Regulation
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| Please note that although the Society is authorised and regulated by the Financial Services Authority (FSA), detailed regulations do not apply to buy-to-let products. |
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| Early Repayment Charges |
| For full repayment: an early repayment charge based on the remaining balance will be incurred as follows: |
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| For partial repayment: no early repayment charge will be levied, providing additional payments do not, in any one calendar year, exceed 10% of the remaining balance at the beginning of that calendar year. |
- If you exceed this 10% figure, an early repayment charge using the percentages shown for full repayment will be imposed on the amount that exceeds the 10% allowance.
- Any unused overpayment allowance cannot be carried forward to subsequent years.
- All overpayments reduce interest immediately.
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| If you transfer to a new mortgage product, an early repayment charge (if applicable) will be levied on the remaining balance at the time of the change as if the mortgage had been repaid in full. | |
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| APR |
| *APR CALCULATION ASSUMPTIONS. Mortgages are subject to status, valuation and a minimum age of 18. Repayment mortgage for £100,000 on a £200,000 purchase price over 25 years. Based on a mortgage commencing 01 December 2012, 300 monthly repayments of £527.84. Total amount payable £159,840.05. Written quotation available on request. Fees: Telegraphic Transfer Fee £30, Valuation Fee £180, Administration Fee £95, Solicitors Fees £148.05, Arrangement Fee as shown. |
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| Product information is also available in Braille, Large Print and Audio format. |
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| This offer may be withdrawn or varied at any time and without notice. The information above is provided as a guideline only. A product pack providing further details of this mortgage is available on request. This information can be sent by postal service only. |
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| Issue date: 29 April 2013 |
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