Landlords who are buying or remortgaging a property, have at least 25% deposit/equity, are comfortable with interest rate changes.
Landlords who plan to repay more than 10% in any one year during the discount period or own the property with a Limited Company.
5.49% variable which includes a 2.36% discount from our Standard Variable Rate for 2 years.
Our Standard Variable Rate* for the remainder of the term, currently 7.85%.
7.9% APRC
Arrangement fee - £1,500 (Can be paid up front or added to the loan)
Mortgage exit fee - £100 (payable when the mortgage is fully repaid)
Standard Valuation Fee – (Amount varies dependent on the property value)
None
A full or partial capital repayment, which exceeds 10% of the capital balance amount in any one year during the discount period, will attract an early repayment charge of 2%.
Purchase or remortgage
Capital & Interest or Interest-Only
75%
Minimum £100,000 – Maximum £1,000,000
This product is portable and can be transferred from the existing property to a new property.
The interest rate for this mortgage has a ‘floor’, which means that it will never fall below 3.50% during the discount period.
If the arrangement fee is added to the loan, it will attract interest increasing the total amount payable over the term of the mortgage.
Property must be in England and Wales with a value of £140,000 or more.
Property must be owned in the personal name of the borrower.
Not available for HMO properties
Maximum portfolio 9 properties.
Mortgages are subject to underwriting.
For basic rate taxpayers, the projected rental income must be at least 125% of the mortgage payment at an assumed interest rate of 7.60%. This increases to 140% for higher rate taxpayers. Personal income can be considered to top this up if there is a shortfall.
This information is to help you understand the typical cost of this mortgage and is not representative of your personal circumstances.
A mortgage of £130,348.00, payable over 23 years, on an interest-only basis, initially on a variable rate of 5.49% for the first 2 years, and then on our Standard Variable Rate, currently 7.85%, for the remaining 16 years, would require 24 monthly payments of £596.34 followed by 252 monthly payments of £852.69.
The total amount payable would be £361,633.04, made up of the loan amount (£130,348.00), plus interest (£229,190.04), Arrangement Fee (£1,500), Standard Valuation Fee (£245), Solicitor Fee (£250), and a Mortgage Exit Fee (£100).
The overall cost for comparison is 7.9% APRC.
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