Buy to Let 2 Year Discount Mortgage
Booking/ Application Fee
|Initial rate||Then changing to||The overall rate for comparison|
|1.2% discount for 2 years (up to 75% LTV)||£199 payable up front (non refundable)||3.99% variable for 2 years (our standard variable rate minus 1.2% discount)
||Standard variable rate, currently 5.19%||5.2% APR|
Interest rates applicable on 29 October 2013
It should be noted that if the property is empty, or needs essential repairs, you are still required to make the full monthly mortgage repayments.
The loan is based solely on the rental income derived from the letting. Therefore, the condition of the property must be satisfactory requiring no essential items of repair.
- Keep your repayment low for 2 years.
- During the product period, no early repayment charge will be incurred in respect of capital repayments of up to 10% of the original loan amount, made in any 12 month period, from the date of completion.
Points to note
- Maximum loan to value 75% (including any fees added to the loan)
- Minimum loan £75,000
- Maximum loan £500,000
- Sealing fee/administration fee on redemption of mortgage is £125
- Houses within England or Wales are an accepted type of security
- Unacceptable property types are flats, maisonettes and houses converted into flats
- A booking/application fee of £199 is payable on application which is non-refundable
- An early repayment charge of 3% applies within the first 2 years
- Purchase/Re-mortgage will not be acceptable unless the owner/vendor has registered with the Land Registry for at least six months
Click to read our terms and conditions
Purchase or remortgage of investment property only.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage
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