Mortgage Product

70% LTV – HBTL Discounted Variable

Product Code: HB04

Rates effective from: 01/10/2023

  • Initial Rate

    5.65%

  • Term

    2 years

  • Standard Variable Rate

    8.00%

  • Maximum Loan to Value

    70%

  • Overall Cost for Comparison (APRC)

    7.7%

  • Application Fee

    £100

  • Arrangement Fee

    None

  • Early Repayment Charges

    Apply if more than 10% of the outstanding balances is repaid each year:

    3% of repaid amount for the first 2 years.

Representative Example

A mortgage of £191 ,300 payable over 20 years initially on a discounted variable rate of 5.65% for 2 years and then on our Buy to Let Standard Variable Rate (SVR) currently 8.00% (variable) for the remaining 18 years would require 24 monthly payments of £1,332.19 followed by 216 monthly payments of £1,578.12. The total amount payable would be £373,456.48 made up of the loan amount plus interest (£182,156.48) a valuation fee of £335, a funds transfer fee of £30, estimated solicitors fees of £145 and an application fee of £100. The overall cost for comparison is 7.7% APRC representative.

Product Details

Starting Rate

2.35% discount off The Stafford’s Buy to Let Standard Variable Rate (SVR) currently 8.00% for 2 years giving a current variable rate of 5.65%, followed by the But to Let Society’s SVR applicable at the time for the rest of the term

Minimum Interest Rate

The interest rate on this product will not drop below 1.00%

Available for

Capital Raising, Purchase, Remortgage

Minimum Loan

£70,000

Maximum Loan

£1,000,000

Early Repayment Charges

Apply if more than 10% of the outstanding balances is repaid each year:

3% of repaid amount for the first 2 years.

Application Fee

£100

Arrangement Fee

None

Basic Valuation Fee

Fee Applicable (see valuation fees)

Minimum Property Value

£100,000

Minimum Term

5 years

Maximum Term

40 years

Repayment Type

Interest Only and Repayment

Minimum Age

21

Maximum Age at Term End

85 (subject to proof of pension income post age 75 or declared retirement age, whichever is sooner)

Incentives

None

Additional Notes

  • Please refer to the Lending Criteria for the criteria on this product.
  • This mortgage summary should be read in conjunction with the Terms & Conditions.
  • The Society requests the applicant(s) to provide independent confirmation from a local agent or comparable online specialist of the predicted holiday rental over 12 months taking into account high, medium and low seasons. An average taken over a 30-week occupancy assumption is then applied.
  • Rental Yield:
    • ICR Up to 50% LTV 130% at 5.50% or 2%  above the product, which ever is higher.
    • ICR 50%-70% LTV 140% at 5.50%  or 2% above the product, which ever is higher.

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