2 Year Discount

Our Buy to Let 2 Year Discount Variable Mortgage offers a discount of 2.75% off our standard variable rate, currently 5.34%, for a period of 2 years from completion, followed by our standard variable rate applicable at that time. The interest rate charged won't fall below 2%.

Initial rate Overall cost for
comparison
Max % LTV Completion
fee
Representative
Example
2.59% 5.1% APRC 80% £1499 View

Representative example

A Mortgage of  £174,848.00, payable over 17 years and 5 months (209 months) initially on a discounted rate for 2 years (24 months) of 2.59% and then on our current standard variable rate of 5.34% for the remaining 15 years and 5 months (185 months) would require 24 monthly payments of £377.38 then 185 monthly payments of £778.07. This is based on an interest-only repayment method. The total amount payable would be £330,249.69 made up of the loan amount plus interest (£153,357.69) and a £290.00 valuation fee, £1499.00 completion fee, £30.00 CHAPS fee, £105.00 legal fees and £120.00 mortgage administration exit fee. The overall cost for comparison is 5.1% representative APRC.

Key Features

Advance        
Minimum £25,000: Maximum £350,000

Loan to Value (LTV)
Maximum LTV - 80% (subject to Society lending policy)

Term              
Minimum 2 years: Maximum 25 years

Availability

This product is available for the purchase or re-mortgage of property (flats, apartments or maisonettes are not acceptable) which is to be let to tenants in mainland England and Wales. 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 with a total maximum borrowing of £500,000.

Minimum Valuation
£70,000 per property in LE, NG or DE postcodes
£90,000 per property outside of these areas in mainland England and Wales

Portability
The mortgage product may be transferred to a new mortgage arranged by the borrower(s) subject to the Society’s lending criteria.

Important Information

The interest rate charged won't fall below 2%.

Early Repayment Charge Fees How to apply