Designed to enable you to let to a close family member, our Family Buy to Let 3 Year Discount Variable Mortgage offers a discount of 2.14% off our standard variable rate, currently 5.34%, for a period of 3 years from completion, followed by our standard variable rate applicable at that time. The interest rate charged won't fall below 2%.
Overall cost for
|Max % LTV||
Minimum £25,000: Maximum £350,000
Loan to Value (LTV)
Maximum LTV - 80% (subject to Society lending policy)
Minimum 3 years: Maximum 25 years
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 a close family member/relative (i.e. the applicants parent(s), brother, sister, child, grandparent, grandchild, Step relative or in-law, current or Ex, spouse or civil partner), in mainland England and Wales. All applications are subject to the Society’s general lending criteria, property value and satisfactory status enquiries.
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.
£70,000 per property in LE, NG or DE postcodes
£90,000 per property outside of these areas in mainland England and Wales
The mortgage product may be transferred to a new mortgage arranged by the borrower(s) subject to the Society’s lending criteria.
The interest rate charged won't fall below 2%.
Full / Partial Repayment
Full Repayment - An early repayment charge equivalent to 3% of the advance amount applies if the loan is repaid in full within the first year reducing to 2% of the advance amount in the second and third year of the product period. 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 3% in the first year reducing to 2% of the advance amount in the second and third year of the product period.
A fee of £999.00 is payable on completion. This fee can be added to the loan subject to LTV limits.
A valuation for mortgage purposes will be required on application, the cost of which must be met by the applicant/s. See separate scale of fees.
On completion, the advance will be released to the appointed Solicitor by CHAPS (Clearing House Automated Payment Service). A fee of £30.00 is payable on completion. This fee can be added to the loan subject to LTV limits.
Mortgage Exit Administration Fee /Additional Fees
£120.00 inclusive of £35.00 Deeds Release Fee and £85.00 Sealing Fee. Additional administration fees may apply during the life of your mortgage. Details of these can be found in the Tariff of Charges leaflet.
The Loughborough mortgage service is tailored to each individual and offered on a fully advised basis where applicable. Our qualified advisers will spend time with you to understand your mortgage needs and financial circumstances before recommending the most suitable solution for you.
There are a number of ways you can arrange to talk to one of our friendly team of Advisers, choose what’s best for you: