Buy-to-let Mortgage for Single occupancy: 3 Year Discounted


Key features

Product details

  • Available for remortgages, purchases or capital raising
  • 1.8% discount off Stafford Railway’s Standard Variable Rate (SVR) currently 5.0% for 3 years giving a current variable rate of 3.2%, followed by the Society’s SVR applicable at the time for the rest of the term
  • No product fee or booking fees apply
  • Valuation fees apply
  • 10% of the outstanding balance each year can be overpaid without penalty
  • Interest calculated daily

 

3.2%

discounted for three years

SVR
currently

5.0%

variable thereafter

Maximum
loan to value

70%

(minimum 30% deposit)

 

All rates correct as of 01/05/2019.

Starting Rate 3.2% variable (1.8% discount off Stafford Railway’s Standard Variable Rate (SVR) currently 5.0% for 3 years giving a current variable rate of 3.2%, followed by the Society’s SVR applicable at the time for the rest of the term)
Discount Period 3 years from completion
Minimum Interest Rate The interest rate on this product will not drop below 1%
Maximum LTV 70%
Available For Purchases, remortgage and capital raising
Early Repayment Charges Apply if more than 10% of the outstanding balances is repaid each year:
Year 1: 3% of repaid amount
Year 2: 2% of repaid amount
Year 3: 1% of repaid amount
Completion Fee None
Booking Fee None
Basic Valuation Fee Fee applicable (See valuation fee)
Minimum Loan £70,000
Maximum Loan £500,000
Interest Type Daily
Minimum Property Value £100,000
Minimum Term 5 years
Maximum Term 25 years
Repayment Type Repayment or interest only
Minimum Age 25
Maximum Age at term end 85 (Mortgage must be finished by the oldest applicants 85th birthday)
Minimum income for landlords with less than 4 properties £25,000 from earned, pension or rental income from unencumbered properties.
Minimum income for landlords with 4 or more properties Must have an independent income of £25,000 excluding property income.
Rental Yield Up to 50% LTV 130% at 5.5% ICR
50%-70% LTV 140% at 5.5% ICR
Rental as confirmed by the Society’s valuer.
Residential Status Applicant must own a property in the UK with or without a mortgage.
Incentives None
Postcodes/geographical restrictions We will lend throughout England and Wales
Property Restrictions for BTLs include
  • Must not have been previously lived in by the applicants.
  • Must not have been previously lived in by any of the applicant’s family or is intended for family to live in.
  • Must not be an inherited property.
  • Must not be a let to buy.
Notes
  • This mortgage summary should be read in conjunction with the Terms and Conditions.
  • The Society does not lend on consumer BTLs

 

All rates correct as of 01/05/2019.

YOUR MORTGAGE IS SECURED ON YOUR HOME, WHICH MAY BE REPOSSESSED IF YOU DO NOT KEEP UP THE MORTGAGE REPAYMENTS. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME

We only offer our own products. All our residential mortgages are regulated and therefore subject to the FCA regulations' requirements.

Call us on: 01785 223212*