Existing holiday let borrowers who want to switch to a new mortgage product, have at least 25% equity and are comfortable with interest rate changes.
Limited Companies or portfolios of 10 or more.
5.59% variable, which includes a 2.01% discount from our Standard Variable Rate for 2 years.
Our Standard Variable Rate* for the remainder of the term, currently 7.60%.
7.5% APRC
Mortgage exit fee - £100 (payable when the mortgage is fully repaid)
A full or partial capital repayment, which exceeds 25% of the capital balance amount in any one year will attract an early repayment charge of 2% in the first 2 years.
Capital & Interest or Interest-Only
75%
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 3.00% during the discount period.
At the date of the product switch, the balance must be at least £5,000 and a term of at least 2 years must remain.
Must be in a personal name.
Maximum portfolio 9 properties.
This information is to help you understand the typical cost of this mortgage and is not representative of your personal circumstances.
A mortgage of £175,000.00, payable over 25 years, on an interest-only repayment basis, with an initial payable rate of 5.59%, which includes a 2.01% discount from our Standard Variable Rate (SVR) for 2 years and then on our SVR, currently 7.60%, for the remaining 23 years. The initial term would require 24 monthly payments of £815.21, followed by 276 monthly payments of £1,108.33.
The total amount payable would be £500.564.12, made up of the loan amount (£175,000.00), plus interest (£325,464.12), and a Mortgage Exit Fee (£100).
The overall cost for comparison is 7.5% APRC.