70% LTV - Discounted Variable - Buy-to-Let / Holiday Buy-to-Let
|70% LTV - Discounted Variable - Buy-to-Let / Holiday Buy-to-Let||5.65%||2 years||8.00%||70%||7.7% APRC||£100||None||Yes|
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%|
|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.
|Basic Valuation Fee||Fee applicable (see valuation fees)|
|Minimum Property Value||£100,000|
|Minimum Term||5 years|
|Maximum Term||30 years|
|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|
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.
- 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