Buy-to-Let Two Year Discount Mortgage
This mortgage gives you a set discount off our Standard Variable Rate (SVR) for an agreed period, giving you lower initial monthly payments.
An initial rate of
(2.90% discount off our SVR)
variable for two years,
followed by our SVR, currently
variable for the rest of the mortgage.
The overall cost for comparison is
|Loan to Value (LTV)||75%|
|Arrangement fee||2.00% of the loan Other fees may apply.|
|Available for remortgages||Yes|
|Early repayment charges||2% of the advance|
Your property may be repossessed if you do not keep up repayments on your mortgage
The following representative example is intended to allow you to easily compare products across lenders and does not reflect what your actual monthly payment or APRC could be. Please contact us if you have any questions regarding this.
A mortgage of £396,350 payable over 23 years, initially on a Discounted rate for 2 years at 2.49% and then on our current Standard Variable Rate Mortgage of 5.39% (variable) for the remaining 21 years, would require 24 monthly payments of £822.41 and 252 monthly payments of £1,780.25.
The total amount payable would be £864,704.93 made up of the loan amount plus interest (£468,390.37), an application fee of £135 and a redemption fee of £130.
The overall cost for comparison is 5.3% APRC representative.
Fees may differ to those shown in this representative example. Current fees can be found in our tariff of charges.
Additional product information
Rental cover required:
- Remortgage without additional borrowing:
- The rent received must be at least 125% of the mortgage payment at the initial rate.
- All other contracts:
The rent received must be at least 140% of the mortgage payment at 2% above the initial rate, or 5.5%, whichever is higher.
Borrowing £100,000 at 2.49% would require a monthly mortgage payment of £207.50 (interest only).
Rental cover must equal 140% at 4.49%, which would require a monthly rental income of £641.67
- Property must be let on a single Assured Shorthold Tenancy.
- Not available to first time buyers
- For portfolio landlords the maximum LTV per property including fees is 75%
- Overpayments up to 10% of the advance are allowed.
- This mortgage is portable which means it is possible to take this product with you to a new property, subject to lending criteria and policy at the time.
- This mortgage is available to new mortgage customers only.
If you already have a mortgage with us and are looking to switch your deal, please give us a call on 0800 072 1100 to discuss our range of mortgages available exclusively for existing customers.
- The interest rate charged will not fall below 2.00% (the minimum interest rate) at any point during the mortgage.
- The mortgage must be for a minimum of £30,000 and a maximum of £1,000,000.
- The minimum term for this product is five years and the maximum term is 40 years.
- All applications are subject to current lending criteria.
- The minimum property value is £100,000.
- All applicants must be at least 21 years of age.
- Please view our mortgage services fees and our mortgage valuation fees.
This does not include all of the information you need to choose a mortgage. For full details please ask us about how you can get a illustration.
Mortgage products are subject to status and availability.
Talk to us today
To arrange an appointment with one of our Mortgage Advisers call us free on:0800 072 1100or complete the form below: