70% LTV - Discounted Variable Mortgage
|70% LTV - Discounted Variable Mortgage||3.95% (Variable)||3 years||4.75% (Variable)||70%||4.60% APRC||None||None||Yes|
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%|
|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
|Basic Valuation Fee||Fee applicable (see valuation fees)|
|Minimum Property Value||£100,000|
|Minimum Term||5 years|
|Maximum Term||25 years|
|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|
|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.
- 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.