Mortgage Houses

70% LTV - Discounted Variable Mortgage - Buy-to-Let / Expat / Holiday Buy-to-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 - Discounted Variable Mortgage - Buy-to-Let / Expat / Holiday Buy-to-Let 3.95% (Variable) 3 years 4.75% (Variable) 70% 4.60% APRC None None Yes

Product Details

Starting Rate

0.80% discount off Stafford Railway’s Standard Variable Rate (SVR) currently 4.75%for 3 years giving a current variable rate of 3.95%, followed by the Society’s SVR applicable at the time for the rest of the term

The overall cost for the comparison 4.60% APRC
Discount Period 3 years from completion
Minimum Interest Rate The interest rate on this product will not drop below 1.00%
Maximum LTV 70%
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:
Year 1: 3% of repaid amount
Year 2: 2% of repaid amount
Year 3: 1% of repaid amount
Application Fee None
Arrangement Fee None
Basic Valuation Fee Fee applicable (see valuation fees)
Minimum Property Value £100,000
Minimum Term 5 years
Maximum Term 25 years
Repayment Type
Interest Only
Repayment
Minimum Age 25
Maximum Age at Term End 85 (Mortgage must be finished by the oldest applicants 85th birthday)
Geographical Restrictions We will lend throughout England and Wales
Incentives None
Representative example (correct as of 04/07/2019)

A mortgage of £108,500 payable over 18 years initially on a discounted variable rate of 3.95% for 3 years and then on our Buy to Let Standard Variable Rate (SVR) currently 4.75% (variable) for the remaining 15 years would require 36 monthly payments of £702.66 followed by 180 monthly payments of £741.41 The total amount payable would be £159,154.56 made up of the loan amount plus interest (£50,654.56), a valuation fee of £205, a funds transfer fee of £25, estimated solicitors fees of £145. The overall cost for comparison is 4.60% 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 22/06/2020.

Other general mortgage information