Buy to let 5 year discount [BRD41]
Discounted for 5 years
This product may be withdrawn at any time.
Product key features
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.
Product related fees
There is an arrangement fee of £999 that can be deducted from the mortgage amount or added to the amount borrowed.
If your client adds the fee to their mortgage, they'll pay interest on the fee at the same rate as their mortgage.
There is a minimum mortgage amount of £50,000.
The maximum loan amounts are:
- Up to 70% loan to value = £500,000
- Up to 60% loan to value = £700,000
- Up to 50% loan to value = £950,000
The maximum loan to value is 70%.
Interest rate floor
The interest rate is floored, meaning it cannot fall below 2.94%.
Mortgage repayment terms
Your client can repay their mortgage over a minimum of 5 years and a maximum of 35 years.
Early Repayment Charges
There are no Early Repayment Charges meaning you can make overpayments whenever you like without charge.
Here to help you...
- Discuss how we can help you and your client
- Update you on your existing cases
- Talk through our rental income requirements
- Help you understand our criteria
Your property may be repossessed if you do not keep up repayments on your mortgage.