Mortgage Product

ExPat 70% LTV – Discounted Variable

Product Code: BL05

Rates effective from: 01/07/2024

  • Initial Rate

    6.20%

  • Term

    2 years

  • Standard Variable Rate

    8.00%

  • Maximum Loan to Value

    70%

  • Overall Cost for Comparison (APRC)

    7.9%

  • Application Fee

    £100

  • Arrangement Fee

    £500

  • 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 £204,050 payable over 20 years initially on a discounted variable rate of 6.20% 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 £1,485.52 followed by 216 monthly payments of £1,689.21. The total amount payable would be £401,726.84 made up of the loan amount plus interest (£197,676.84) a valuation fee of £430, a funds transfer fee of £30, estimated solicitors fees of £145 and an application fee of £100. The overall cost for comparison is 7.9% APRC representative.

Product Details

Starting Rate

1.80% discount off The Stafford’s Buy to Let Standard Variable Rate (SVR) currently 8.00% for 2 years giving a current variable rate of 6.20%, followed by the Buy 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 1.50%

Available for

Capital Raising, Purchase, Remortgage

Minimum Loan

£70,000

Maximum Loan

£686,000 (For loans above, please contact the Society)

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

£500

Basic Valuation Fee

Fee Applicable (see valuation fees)

Minimum Property Value

£100,000

Minimum Term

5 years

Maximum Term

Varies according to age

Repayment Type

Interest Only and Repayment

Minimum Age

18

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

  • This mortgage summary should be read in conjunction with the Terms and Conditions.
  • The Society does not lend on consumer BTLs
  • Interest is calculated on a daily basis.
  • Rental Yield:
    • Up to 50% LTV 130% at 5.50% (or the product pay rate plus 2% which ever is higher) ICR
    • 50%-70% LTV 140% at 5.50%  (or the product pay rate plus 2% which ever is higher) ICR
    • Rental as confirmed by the Society’s valuer.

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