3 year discount rate holiday home [JRD005]
Discounted for 3 years
Early Repayment Charges apply.
This product may be withdrawn at any time.
Product key features
Who's the product for?
If your clients are looking for a remortgage on a holiday home and are planning to let it out on a short-term let basis, then we can help.
The sole purpose of the property cannot be to let out on a permanent basis. Your client must occupy the property at some periods during the year.
We'll even accept properties on an AirBnB basis.
And, if your clients have a proven track record of receiving holiday let income we can include this in our affordability assessment.
Product related fees
There's an arrangement fee of £999. Your clients can pay this up front by deducting the fee from the mortgage amount or adding it to the amount they borrow.
If they choose to add the fee to their mortgage they'll pay interest on the fee at the same rate as their mortgage.
There's a minimum mortgage amount of £50,000 and a maximum amount of £750,000.
The minimum property value is £75,000 which increases to £250,000 for properties located within the M25 corridor.
The maximum loan to value is 75%.
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.
Interest rate floor
The interest rate is floored and can't fall below 2.74%.
Mortgage repayment terms
Mortgage repayment terms are allowed between 5 years and 35 years.
Early Repayment Charges
You can overpay up to 10% of the original mortgage amount each year.
Any overpayments taking you 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.
We're here to help
- Discuss affordability
- Process your decision in principle
- Help you understand our criteria
- Make things easier for you
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.