Landlords who are buying or remortgaging a property, have at least 25% deposit/equity, want fixed repayments for a set period and own the property with a Limited Company.
Landlords who plan to repay more than 10% in the first 5 years.
5.69% fixed until 31.10.2029.
Our Standard Variable Rate for the remainder of the term, currently 8.10%.
7.4% APRC
Funds transfer fee - £20 (payable before completion)
Mortgage exit fee - £100 (payable when the mortgage is fully repaid)
Standard Valuation Fee – (Amount varies dependent on the property value)
No arrangement fee.
A full or partial capital repayment, which exceeds 10% of the capital balance amount in any one year during the fixed period, will attract an early repayment charge of:
5% until 31.10.2025
4% until 31.10.2026
3% until 31.10.2027
2% until 31.10.2029
Purchase or remortgage
Capital & Interest or Interest-Only
75%
Minimum £150,000 – Maximum £500,000
This product is portable and can be transferred from the existing property to a new property.
Property must be in England and Wales with a value of £200,000 or more.
Property must be owned through a Special Purpose Vehicle Limited Company registered in England and Wales.
Not available for HMO properties.
Maximum portfolio 9 properties.
Mortgages are subject to underwriting.
The projected rental income must be at least 125% of the mortgage payment at the product interest rate.
This information is to help you understand the typical cost of this mortgage and is not representative of your personal circumstances.
A mortgage of £170,302.00, payable over 22 years, on an interest-only repayment basis, initially on a fixed rate of 5.69% until 31.10.2029, and then on our Standard Variable Rate, currently 8.10%, for the remaining 17 years. The initial term would require 63 monthly payments of £807.52 followed by 201 monthly payments of £1,149.54.
The total amount payable would be £452,888.30, made up of the loan amount (£170,302.00), plus interest (£239,634.84), Standard Valuation Fee (£285), Solicitor Fee (£250), Funds Transfer Fee (£20), and a Mortgage Exit Fee (£100).
The overall cost for comparison is 7.4% APRC.
If you haven’t registered with us already, please register online before submitting business with us. Once registered with us, you can register to our broker online services.
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DECISION IN PRINCIPLE
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