Buy to Let 3 year 5.99% Fixed Rate (product rate 5.99% - APR 5.4%) Max LTV 70% - For direct applicants purchasing/remortgaging in the LE, NG & DE postcodes
January 2010
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| Product Interest Rate & Overall Cost for Comparison 5.99% 5.4% APR |
| Product Description This product offers a fixed rate of 5.99% for a period of 3 years from completion.Thereafter the interest rate will revert to the Society’s prevailing standard variable mortgage interest rate, currently 4.99%. The interest rate charged cannot go below 2%. |
| Product Features Partial Lump Sum Repayments – up to 10% of the advanced amount may be repaid in any year of the product rate period without charge. Portability – the mortgage product may be transferred to a new mortgage arranged by the borrower(s) subject to the Society’s lending criteria. |
| Availability This product is available for the purchase or re-mortgage of property to be let to tenants within the postcodes LE, NG or DE. 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. This product is a limited edition and cannot be guaranteed until an application has been received. Applications will be restricted to a maximum of 4 per borrower. |
| Maximum LTV House Purchase & Re-mortgage 70% The maximum LTV’s are subject to the Society’s lending policy. |
| Term Minimum 3 years Maximum 25 years |
| Advance Amount Minimum advance £25,000 Maximum advance £200,000 |
| Completion Fee £999 This fee can be added to the loan on completion (subject to LTV limits). |
| Early Repayment Charge Full Repayment - An early repayment charge equivalent to 5% of the advance amount applies if the mortgage is repaid in full within the first 3 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. Partial Lump Sum Repayment – Up to 10% of the advanced amount may be repaid in any year of the product rate period without charge. Repayments made above the 10% limit will be subject to a charge equivalent to 5% of the advance. |
| 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 found at your local branch. |
Where people make the difference
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE