70% LTV - Variable BTL / Expat Mortgage / Holiday Let
| Mortgage Type |
Initial Rate |
Term | Standard Variable Rate |
Maximum Loan to Value |
Overall Cost for Comparison (APRC) |
Application Fee |
Arrangement Fee |
Early Repayment Charge |
|---|---|---|---|---|---|---|---|---|
| 70% LTV - Variable BTL / Expat Mortgage / Holiday Let | 4.75% (Variable) | Term | 4.75% (Variable) | 70% | 4.90% APRC | None | None | No |
Product Details
| Starting Rate | 4.75% |
| The overall cost for the comparison | 4.90% APRC |
| Discount Period | None |
| Minimum Interest Rate | N/A |
| Maximum LTV | 70% |
| Available for |
Capital Raising
Purchase
Remortgage
|
| Minimum Loan | £70,000 |
| Maximum Loan | £500,000 |
| Early Repayment Charges | None |
| Application Fee | None |
| Arrangement Fee | None |
| Basic Valuation Fee | Fee applicable (See valuation fee) |
| Minimum Property Value | £100,000 |
| Minimum Term | 5 years |
| Maximum Term | 30 years |
| Repayment Type |
Interest Only
Repayment
|
| Minimum Age | 21 |
| Maximum Age at Term End | 85 (Mortgage must be finished by the oldest applicants 85th birthday) |
| Geographical Restrictions | England and Wales |
| Incentives | None |
| Representative example (correct as of 04/07/2019) | A mortgage of £108,500 payable over 18 years variable rate of 4.75% for term would require 216 monthly payments of £748.22. The total amount payable would be £162,020.52 made up of the loan amount plus interest (£53,520.52), a valuation fee of £235, a funds transfer fee of £25, estimated solicitors fees of £145. The overall cost for comparison is 4.90% APRC representative. |
Notes
- 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 01/06/2020.