(BL03) 1.35% Lifetime Discount Standard Buy to Let

Designed for:

Landlords who are buying or remortgaging a property, have at least 25% deposit/equity and are comfortable with interest rate changes.

 
Not designed for:

Landlords who plan to repay more than 10% in the first 3 years or own the property with a Limited Company.

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

(BL03) 1.35% Lifetime Discount Standard Buy to Let

Initial rate

6.75%

Subsequent Rate (SVR)

8.10%

Overall cost for comparison

7.10% APRC

Maximum loan to value (LTV)

75%

Incentives

None

Arrangement Fee

£1,499

Early repayment charge

Yes

Product Summary

Initial Rate

6.75% variable, which includes a 1.35% discount from our Standard Variable Rate for the remainder of the mortgage term.

Followed by:

Our Standard Variable Rate for the remainder of the term, currently 8.10%.

Overall cost for comparison*

7.1% APRC

Fees & Incentives
Fees

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)

 
Incentives

None

Early Repayment Charge

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

Loan Purpose

Purchase or remortgage

Repayment Method

Capital & Interest or Interest-Only

Maximum Loan to Value

75%

Loan Size

Minimum £150,000 – Maximum £1,000,000

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 4.00%.

 
Adding fees

If the arrangement fee is added to the loan, it will attract interest increasing the total amount payable over the term of the mortgage.

 
Eligibility

Property must be in England and Wales with a value of £200,000 or more.

Property must be owned in the personal name of the borrower.

Not available for HMO properties.

Maximum portfolio 9 properties.

Mortgages are subject to underwriting.

 
Affordability
For basic rate taxpayers, the projected rental income must be at least 125% of the mortgage payment at an assumed interest rate of 8.10%. This increases to 145% for higher rate taxpayers.
If the property is an HMO the projected rental income must be at least 150% of the mortgage payment at an assumed interest rate of 8.10%. This increases to 170% for higher rate taxpayers.
Personal income can be considered to top this up if there is a shortfall.
 
Representative Example

This information is to help you understand the typical cost of this mortgage and is not representative of your personal circumstances.

A mortgage of £188,206.00, payable over 18 years, on an interest-only repayment basis, with a discounted rate of 6.75%, which includes a 1.35% discount from our Standard Variable Rate (SVR), currently 8.10%, for the term of the mortgage. The term would require 216 monthly payments of £1,058.66.

The total amount payable would be £419,110.56, made up of the loan amount (£188,206.00), plus interest (£228,670.56), 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 7.10% 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 LTV is calculated by us using your current mortgage balance and our current assessed valuation of your property.

3 easy ways to apply

Apply online

ENQUIRE ONLINE

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Apply in branch

APPLY IN BRANCH

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Apply by phone

Apply By Phone

0161 429 4318

Your home may be repossessed if you do not keep up with repayments on your mortgage.