Mortgage Houses

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

Other general mortgage information