70% LTV - Discounted Variable - Buy-to-Let / 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 - Buy-to-Let / Holiday Buy-to-Let | 5.65% | 2 years | 8.00% | 70% | 7.7% APRC | £100 | None | Yes |
Product Details
| Starting Rate | 2.35% discount off Stafford Railway’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 |
| The overall cost for the comparison | 7.7% APRC |
| Discount Period | 2 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: 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 | 30 years |
| Repayment Type |
Interest Only
Repayment
|
| Minimum Age | 25 |
| Maximum Age at Term End | 95 (Mortgage must be finished by the oldest applicants 95th birthday) |
| Geographical Restrictions | We will lend throughout England and Wales |
| Incentives | None |
| 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. |
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 5.50% (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
Rates effective from 01/10/2023