Buy to Let 2 Year Fixed

A mortgage of £161,859.00, payable over 21 years and 1 month (253 months) initially on a fixed rate for 2 years (24 months) of 5.85% and then on our current standard variable rate of 7.89% for the remaining 19 years and 1 month (229 months) would require 24 monthly payments of £789.06 then 229 monthly payments of £1,064.22 on an interest only basis. The total amount payable would be £425,847.11 made up of the loan amount plus interest (£263,394.11) with a £499.00 completion fee, £10.00 CHAPS fee, and a redemption administration fee of £85.00. The overall cost for comparison is 7.9% representative APRC.

Full Repayment

An early repayment charge equivalent to 2% of the outstanding balance applies if the loan is repaid in full within the first year and 1% in the second year. Thereafter the Society’s standard repayment charges will apply – see Tariff of Charges. The early repayment charge may be refunded if the borrower(s) take out a new mortgage with the Society subject to meeting the Society’s criteria.

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 of 2% in the first year and 1% in the second year.

CHAPS Fee

On completion, the advance will be released to the appointed Solicitor by CHAPS (Clearing House Automated Payment Service). A fee of £10.00 is payable on completion.  This fee can be added to the loan (subject to LTV limits).

Valuation Fee

The Society will pay the cost of a standard mortgage valuation.

CHAPS Fee

On completion, the advance will be released to the appointed Solicitor by CHAPS (Clearing House Automated Payment Service). This is at a cost to the borrower of £10.00.

Mortgage Exit Administration Fee /Additional Fees

£85.00 Redemption Administration Fee. Additional administration fees may apply during the life of your mortgage. Details of these can be found in the Tariff of Charges leaflet.