Landlords who are buying or remortgaging a property, have at least 25% deposit/equity and want fixed repayments for a set period.
Landlords who plan to repay more than 10% in any one year during the fixed period or own the property with a Limited Company.
5.74% fixed until 31.03.2027.
Our Standard Variable Rate* for the remainder of the term, currently 8.10%.
8.0% APRC
Funds transfer fee - £20 (payable before completion)
Mortgage exit fee - £100 (payable when the mortgage is fully repaid)
Arrangement fee - £1,500 (Can be paid up front or added to the loan)
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 fixed period, will attract an early repayment charge of:
2% until 31.03.2027
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.
If the arrangement fee is added to the loan, it will attract interest increasing the total loan payable over the term of the mortgage.
Property must be in England and Wales with a value of £250,000 or more.
Property must be owned in the personal name of the borrower.
Not available for HMO properties.
Maximum portfolio 4 properties.
Mortgages are subject to underwriting.
The projected rental income must be at least 145% of the mortgage payment at an assumed interest rate of 8.10%.
This information is to help you understand the typical cost of this mortgage and is not representative of your personal circumstances.
A mortgage of £223,082.00, payable over 20 years, on an interest-only repayment basis, initially on a fixed rate of 5.74% until 31.03.2027, and then on our Standard Variable Rate, currently 8.10%, for the remaining 18 years. The initial term would require 28 monthly payments of £1,067.08 followed by 212 monthly payments of £1,505.80.
The total amount payable would be £574,424.84, made up of the loan amount (£223,082.00), plus interest (£349,107.84), Arrangement Fee (£1,500), Standard Valuation Fee (£365), Solicitor Fee (£250), Funds Transfer Fee (£20), and a Mortgage Exit Fee (£100).
The overall cost for comparison is 8.0% APRC.
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