70% LTV - Variable BTL / Expat Mortgage / Holiday Let
|70% LTV - Variable BTL / Expat Mortgage / Holiday Let||4.75% (Variable)||Term||4.75% (Variable)||70%||4.90% APRC||None||None||No|
|The overall cost for the comparison||4.90% APRC|
|Minimum Interest Rate||N/A|
|Early Repayment Charges||None|
|Basic Valuation Fee||Fee applicable (See valuation fee)|
|Minimum Property Value||£100,000|
|Minimum Term||5 years|
|Maximum Term||30 years|
|Maximum Age at Term End||85 (Mortgage must be finished by the oldest applicants 85th birthday)|
|Geographical Restrictions||England and Wales|
A mortgage of £184,950 payable over 20 year’s variable rate of 4.75% for term would require 240 monthly payments of £1195.19. The total amount payable would be £287,310.60 made up of the loan amount plus interest (£102,360.60), a valuation fee of £295, a funds transfer fee of £25, estimated solicitors fees of £145. The overall cost for comparison is 4.90% APRC representative.
- This mortgage summary should be read in conjunction with the Terms and Conditions.
- The Society does not lend on consumer BTLs
- Minimum income for landlords with less than 4 properties: £25,000 from earned, pension or rental income from unencumbered properties.
- 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.
- Minimum income for landlords with 4 or more properties: Must have an independent income of £25,000 excluding property income.
- Residential Status: Applicant must own a property in the UK with or without a mortgage
- 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 applicants family or is intended for family to live in.
- Must not be an inherited property
- Must not be a let to buy.
All rates correct as of 14/12/2020