(BT33) 5 Year 0.91% Discount Floored BTL/HBTL Personal Applicant Further Advance

This five-year discount mortgage comes with an interest rate of 4.69%, which includes a 0.91% discount from our Standard Variable Rate for 5 years followed by our Standard Variable Rate for the remainder of the term, currently 5.60%. The interest rate for this mortgage is 'floored', which means that while the rate may increase, it will never fall below 4.29% during the discount period.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

(BT33) 5 Year 0.91% Discount Floored BTL/HBTL Personal Applicant Further Advance

Initial rate

4.69%

Subsequent Rate (SVR)

5.60%

Overall cost for comparison

5.10% APRC

Maximum loan to value (LTV)

75%

Incentives

None

Arrangement Fee

£150

Early repayment charge

None

Product Summary

Initial Rate

4.69% which includes a 0.91% discount from our Standard Variable Rate for 5 years, followed by our Standard Variable Rate for the remainder of the term, currently 5.60%. The interest rate for this mortgage is ‘floored’, which means that while the rate may increase, it will never fall below 4.29% during the discount period.

Fee Details

An arrangement fee of £150 applies to this product. This can be added to the loan on completion; however, this will result in interest being charged on it making the overall fee greater over the term of the mortgage.

Maximum LTV

75%

The maximum LTV stated refers to the total maximum LTV including the current outstanding mortgage.

Loan Size

Minimum £25,000 - Maximum £1,000,000

The maximum loan amount refers to the maximum further advance allowed. The total loan including the existing mortgage may not exceed £1,500,000.

Purpose of Advance

For improvements to the property or another reason can be discussed with us by exception.

Portability

This further advance product is portable to a new buy to let mortgage on a different property when the new mortgage is taken out simultaneously with the repayment of the existing mortgage. You would need to meet our credit and affordability requirements for the new mortgage, the new property would need to be acceptable to us, and approval of a new mortgage would be subject to our prevailing Lending Policy.

Repayment Method

Capital & Interest or Interest-Only*

*Conditions apply, please speak to us.

Incentives

None

Restrictions

The loan will be based on property rental and expenses. Personal income cannot be taken into account to support a larger loan.

ICR Only (130% at a stressed rate of 6.20%).

Minimum property valuation £125,000.

Not permitted within 6 months of completion of the original mortgage. A valuation fee may be charged, and a credit and affordability assessment will be conducted.

Early Repayment Charge Details

No early repayment charges apply to this mortgage.

Representative Example

A mortgage of £36,000, payable over 5 years, on an interest-only repayment basis, with an initial discounted rate of 4.69%, which includes a 0.91% discount from our Standard Variable Rate (SVR) for 5 years. These 5 years would require 60 monthly payments of £140.70.

The total amount payable would be £44,957.00, made up of the loan amount (£36,000), plus interest (£8,442), Additional Borrowing Arrangement Fee (£150) and a Standard Valuation Fee (£365).

The overall cost for comparison is 5.10% APRC.

This is a worked example of repayments specifically relating to the further advance part only of the loan. This information may not be representative of your personal circumstances and your payments may differ from this. Representative data as of 1st January 2022.

Important Notes:

Once the product matures the interest rate will revert to our Standard Variable Rate (SVR) unless a new product is taken out. Our SVR is currently 5.60%. This is set by us and may go up or down in the future.

The Overall Cost for Comparison is given as the Annual Percentage Rate of Charge (APRC) and includes all charges incurred relating to the mortgage/product. The APRC enables you to compare the cost of different products.

The Maximum Loan to Value (LTV) is calculated by us using your current mortgage balance, the proposed further advance, and our current assessed valuation of your property.

3 easy ways to apply

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH REPAYMENTS ON YOUR MORTGAGE