3 YEAR VARIABLE RATE MORTGAGE

Summary Box
Name 3 Year Variable Rate Buy To Let Mortgage.
Initial rate The Society's standard variable rate.
Currently 4.99%.
The overall cost for comparison is 5.4% APR.
Incentives  Up to 10% capital repayments allowed per annum.
Arrangement fee 1% of loan (minimum £500).
Maximum loan to value (LTV) 70% for purchase and remortgage.
Interest calculated Annually.
Early repayment charges
A full or partial capital repayment, which exceeds 10% of the capital balance amount in any one year during the first three years, will attract an early repayment charge of 3% on the excess payment.
Loan size

Minimum loan: £50,000 per property. 

Maximum loan: £200,000 per property.

Other conditions

Available on properties within a 25 mile radius of Stockport.

Maximum 5 properties per applicant.

This product is not available for purchase of newly built city centre apartments.

Assignment of rental income deed required.

Rental income must be at least 130% of the mortgage subscription assuming a notional interest rate of 6%. Surplus personal income may be taken into account.

How To Apply

If you would like to obtain more details or discuss a particular proposition, please contact:

Ross Stafford
Commercial Lending Manager
Vernon Building Society
19 St Petersgate
Stockport SKI 1HF
 
Tel: 0161 429 4309

 

We wanted to use a local Society as we are fed up of dealing with large faceless companies.
Mr P, Hazel Grove