Loughborough Buy to Let Mortgage (5.49% variable - APR 5.7%)For direct applicants purchasing/remortgaging in the LE NG & DE postcodes or for existing members.
January 2009
Click here for a printer friendly version of this page
| Product Interest Rate & Overall Cost for Comparison 5.49% 5.7% APR |
| Product Description The interest rate which applies to this product is the Society’s standard variable mortgage interest rate (currently 4.99%) plus 0.50% for the term of the mortgage. |
| Product Features Partial Lump Sum Repayments – may be made at any time without early repayment charges. |
| Availability This product is available for the purchase or re-mortgage of property to be let to tenants within the postcodes LE, DE and NG and for existing members only. All applications are subject to the Society’s general lending criteria, property value and satisfactory status enquiries. Rental income must exceed the mortgage repayments due. |
| Maximum LTV House Purchase & Re-mortgage – 70% The maximum LTV’s are subject to the Society’s lending policy. |
| Term Minimum 5 years Maximum 25 years |
| Advance Amount Minimum £ 1,000 Maximum £300,000 |
| Completion Fee £250 This fee can be added to the loan on completion (subject to LTV limits) |
| Early Repayment Charge An early repayment charge equivalent to 3% of the advance amount applies if the loan is repaid in full within the first 5 years. Thereafter the Society's standard repayment charges will apply - see Tariff of Charges. The early repayment charge will be waived if the borrower(s) take out a new mortgage with the Society or die before the end of the mortgage term. |
| Valuation Fee A valuation for mortgage purposes will be required, the cost of which must be met by the applicant. See separate scale of fees. |
| Own Insurance Fee The arrangement of suitable buildings insurance is a condition of any mortgage offer made. There is an administration fee of £30 which will be added to the mortgage account on completion should you decide to insure your property with another provider. |
| CHAPS Fee On completion, the advance will be released to the appointed Solicitor by CHAPS (Clearing House Automated Payment Service). A fee of £30 will be added to the mortgage account on completion to pay for this service. |
| Mortgage Exit Administration Fee £140.00 inclusive of £50.00 Deeds Release Fee & £90.00 Sealing Fee |
| Additional Fees Additional administration fees may apply during the life of your mortgage. Details of these can be found in the Tariff of Charges leaflet. |
Where people make the difference
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE