Mortgage Product

70% LTV – Discounted Variable

Product Code: BL04

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

£500,000

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 (Mortgage must be finished by the oldest applicant’s 85th birthday)

Incentives

None

Additional Notes

  • This mortgage summary should be read in conjunction with the Terms & Conditions.
  • We will lend throughout England and Wales only.
  • The Society does not lend on consumer BTLs
  • Interest is calculated on a daily basis.
  • 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 5.50% (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.
  • 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

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