Landlords who are buying or remortgaging a property, have at least 25% deposit/equity, are comfortable with interest rate changes and own the property with a Limited Company.
Landlords who plan to repay more than 10% in the first 3 years.
6.90% variable, which includes a 1.20% discount from our Standard Variable Rate for the remainder of the mortgage term.
Our Standard Variable Rate for the remainder of the term, currently 8.10%.
7.2% APRC
Arrangement fee - £1,499 (Can be paid up front or added to the loan)
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)
None
A full or partial capital repayment, which exceeds 10% of the capital balance amount in any one year will attract an early repayment charge of:
3% in the 1st year
2% in the 2nd & 3rd year
Purchase or remortgage
Capital & Interest or Interest-Only
75%
Minimum £150,000 – 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 4.00%.
If the arrangement fee is added to the loan, it will attract interest increasing the total amount[IK1] payable over the term of the mortgage.
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.
Available for HMO properties
Maximum portfolio 9 properties.
Mortgages are subject to underwriting.
The projected rental income must be at least 125% (or 150% for HMO properties) of the mortgage payment at an assumed interest rate of 8.10%. 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 £216,947.00, payable over 22 years, on an interest-only repayment basis, with a discounted rate of 6.90%, which includes a 1.20% discount from our Standard Variable Rate (SVR), currently 8.10%, for the term of the mortgage. The term would require 264 monthly payments of £1,247.45.
The total amount payable would be £548,507.80, made up of the loan amount (£216,947.00), plus interest (£329,326.80), Arrangement Fee (£1,499), Standard Valuation Fee (£365), Solicitor Fee (£250), Funds Transfer Fee (£20), and a Mortgage Exit Fee (£100).
The overall cost for comparison is 7.2% APRC.
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