3 year discount rate holiday home [JRD006]

Discounted for 3 years

Early Repayment Charges apply.

This product may be withdrawn at any time.

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arrangement fee
This fee can be paid upfront or added to the mortgage amount. If the fee is added to the mortgage then interest will be payable on the fee at the same rate as the mortgage.
£999
booking fee
This fee must be paid on application. We are unable to accept payment of the fee by credit card.
£99
initial rate
2.20% discount from our Standard Variable Rate for 3 years
2.74%
followed by our SVR 4.94%
The overall cost for comparison is 4.4% APRC
 

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.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

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 is a booking fee of £99 which is non-refundable, non-transferable and must be paid on application.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Mortgage amounts

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%.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Mortgage incentives

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 £250 cashback towards their costs.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Interest rate floor

The interest rate is floored and can't fall below 2.74%.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Mortgage repayment terms

Mortgage repayment terms are allowed between 5 years and 35 years.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

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.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Faye is here to help you with your case 0121 521 4000* Getting in touch
Our lines are open:
Monday - Friday9:00 - 17:00
Saturday - SundayClosed
*Calls from landlines are charged at the standard rate. Calls from mobiles may vary.

We're here to help

  • Discuss affordability
  • Process your decision in principle
  • Help you understand our criteria
  • Make things easier for you
"Thank you for your help and assistance in this case, it takes me back to the good old days of everything being manually underwritten." Peter Matthews
Charles Derby Mortgage Bureau

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.