Buy to let 3 year discount [BRD42]
Discounted for 3 years
Early Repayment Charges apply.
This product may be withdrawn at any time.
Product key features
Product related fees
There is an arrangement fee of £999 that can be deducted from the mortgage amount or added to the amount borrowed.
Free standard valuation: We'll cover the cost of one standard mortgage valuation on a property valued up to £400,000. Your client can choose to have a RICS Homebuyers Report, however they'll have to cover the difference in cost.
Fees assisted legals:We'll cover the costs of any standard legal fees involved. Any non-standard costs will be payable by your client. You'll be advised of any non-standard costs should any apply. If your client chooses to use our own conveyancers they'll only act for us and not for the customer during the remortgage transaction. If your client needs to add or remove a name on the mortgage they must appoint their own solicitors, and they'll receive £150 cashback towards their costs.
There is a minimum mortgage amount of £50,000 and a maximum mortgage amount of £350,000.
The maximum loan to value is 70%.
Interest rate floor
The interest rate is floored meaning it cannot fall below 2.74%.
Mortgage repayment terms
Your client can repay their mortgage over a minimum of 5 years and a maximum of 35 years.
Early Repayment Charges
Your client can overpay up to 10% of the original mortgage amount each year.
Any overpayments taking your client over this allowance will be subject to the full Early Repayment Charge. The Early Repayment Charge will be:
- 3% of the amount repaid during the first year;
- 2% of the amount repaid during the second year; and
- 1% of the amount repaid during the third year.
Happy to help you...
- Discuss your clients buy to let needs
- Help with your existing buy to let case
- Discuss our buy to let lending criteria
- Process your decision in principle request
Your property may be repossessed if you do not keep up repayments on your mortgage.