(BT33) 5 Year 0.91% Discount BTL/Holiday Let Further Advance

Designed for:

Existing landlord borrowers who want to take an additional advance.

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

(BT33) 5 Year 0.91% Discount BTL/Holiday Let Further Advance

Initial rate

7.19%

Subsequent Rate (SVR)

8.10%

Overall cost for comparison

8.10% APRC

Maximum loan to value (LTV)

75%

Incentives

None

Arrangement Fee

£150

Early repayment charge

None

Product Summary

Initial Rate

7.19% variable, 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 8.10%.

Overall cost for comparison*

8.1% APRC

Fees & Incentives
Fees
 

Arrangement fee – £150 (payable on completion, can be added to the loan)

A valuation fee may be charged. The amount will be dependent on the property value

 
Incentives

None.

Early Repayment Charge

No early repayment charges apply.

Loan Purpose

Further Advance

Repayment Method

Capital & Interest or Interest-Only

Maximum Loan to Value (LTV*)

75% - including the current outstanding mortgage.

Loan Size

Minimum £25,000 – Maximum £1,000,000

The total loan including the existing mortgage may not exceed £1,500,000.

Product Information
Portability
 

This product is portable and can be transferred from the existing property to a new property.

 
Interest rate floor

The interest rate for this mortgage has a ‘floor’, which means that it will never fall below 4.29% during the discount period.

 
Adding fees

If you add the arrangement fee to the loan, then interest will be charged on it resulting in a greater amount payable over the term of the mortgage.

 
Eligibility

Property must be in England and Wales with a value of £140,000 or more.

Not permitted within 6 months of completion of the original mortgage.

Mortgages are subject to underwriting.

 
Affordability

The affordability calculations can vary depending on tax status, ownership type and property type. As a minimum, we require the projected rental income to be at least 125% of the mortgage payment at an assumed interest rate of 8.10%. In some instances, personal income may be used to cover any shortfall.

Please contact us for full details.

Representative Example

This is a worked example of repayments specifically relating to the further advance part only of the loan. This information is to help you understand the typical cost of this mortgage and is not representative of your personal circumstances.

A mortgage of £56,657.00, payable over 19 years, on an interest-only repayment basis, with an initial payable rate of 7.19%, which includes a 0.91% discount from our Standard Variable Rate (SVR) for 5 years and then on our SVR, currently 8.10%, for the remaining 14 years. The initial term would require 60 monthly payments of £339.47, followed by 168 monthly payments of £382.43.

The total amount payable would be £141,908.44, made up of the loan amount (£56,657.00), plus interest (£184,616.44), Additional Borrowing Arrangement Fee (£150) and a Standard Valuation Fee (£485).

The overall cost for comparison is 8.1% APRC.

*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 8.10%. 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.

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Mortgages are secured on your home. You could lose your home if you do not keep up repayments on your mortgage.