5.99% fixed until 31.08.2031.

Our Standard Variable Rate* for the remainder of the term, currently 7.60%.

7.3% APRC

Fees

Arrangement fee - £999 (Can be paid up front or added to the loan)

Mortgage exit fee - £100 (payable when the mortgage is fully repaid)

Standard Valuation Fee – (Amount varies dependent on the property value)

Incentives

None.

A full or partial capital repayment, which exceeds 10% of the capital balance amount in any one year during the fixed period, will attract an early repayment charge of:

5% until 31.08.2027

4% until 31.08.2028

3% until 31.08.2029

2% until 31.08.2031

Purchase or remortgage

Capital & Interest or Interest-Only

LTV     Loan amount

75%     £350,000

70%     £350,000 - £500,000

Minimum £100,000 – Maximum £500,000

Portability

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

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 for purchases or £140,000 for remortgages.

Property may be owned in the borrower’s personal name or through a Limited Company registered in England & Wales, which is an SPV for the purpose of owning a property for rental. A personal guarantee is required.

Applicants must have been a UK resident in the last 3 years and have a minimum income of £30,000 (sterling equivalent) from employment.

Applicants can be resident in any country except:

• a country subject to UK sanctions.
• a country defined as ‘high risk’ by the Government.

Applicants must have a UK bank account to make mortgage payments and receive rental income and a UK address for receiving statements and notices (this can be the security address)

Maximum portfolio 9 properties.

Mortgages are subject to underwriting.

Affordability

For basic rate taxpayers and limited companies, the projected rental income must be at least 125% of the mortgage payment at the product rate. This increases to 140% for higher rate taxpayers.

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

A mortgage of £150,000.00, payable over 20 years, on an interest-only repayment basis, initially on a fixed rate of 5.99% until 31.08.2031 and then on our Standard Variable Rate, currently 7.60%, for the remaining 15 years. The initial term would require 63 monthly payments of £748.75 followed by 177 monthly payments of £950.00.

The total amount payable would be £366,745.25, made up of the loan amount (£150,000.00), plus interest (£215,321.25), Arrangement Fee (£999), Standard Valuation Fee (£325), and a Mortgage Exit Fee (£100).

The overall cost for comparison is 7.3% APRC.