5 year discount rate holiday home [JRD007]

Discounted for 5 years

This product may be withdrawn at any time.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.
no fee
booking fee
This fee must be paid on application. We are unable to accept payment of the fee by credit card.
no fee
initial rate
1.70% discount from our Standard Variable Rate for 5 years
3.24%
followed by our SVR 4.94%
The overall cost for comparison is 4.3% APRC
 

Product key features

Who's the product for?

If your client is looking for a mortgage on a Holiday Home, then we can help.

They must be owner occupier of their main residence and this cannot be the same property as the Holiday Home.

The property should be intended for their own use and we allow them the ability to short term let, including on an Air b’n’b basis at times when they do not occupy the property.

The sole purpose of the property cannot be to permanently let the property. We will not accept applications on a ‘Holiday Let’ basis.

The Holiday Home must not be within ‘close’ proximity of their main residence.

We assess affordability on a residential basis, therefore the loan amount available will be dependent upon their employment, income and expenditure details. We can consider regular rental/short term letting income if they have received this for at least two years and it is evidenced on their Self-Assessment Tax Returns.

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

Mortgage amounts

There's a minimum mortgage amount of £100,000 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.

Mortgages 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 2.99%.

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

There are no Early Repayment Charges for this product.

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

Our Head of Mortgage Sales, Richard is happy to help 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.