5 year discount rate holiday home
Discounted for 5 years
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Product key features
Who's the product for?
If you're looking for a mortgage on a holiday home and you're 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. You must occupy the property at some periods during the year.
We'll even accept properties on an AirBnB basis.
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%.
Interest rate floor
The interest rate is floored and can't fall below 2.99%.
Mortgage repayment terms
Mortgage repayment terms are allowed between 5 years and 35 years.
Early Repayment Charges
There are no Early Repayment Charges meaning you can make overpayments whenever you like without charge.
Mortgage tariff of charges
The mortgage tariff of charges details the various fees and charges that may apply during the term of your mortgage.
A mortgage of £103,500 payable over 35 years initially on a discounted variable rate for 5 years, currently 3.24% (equal to a 2.00% discount from our SVR) and then our SVR, currently 5.24% for the remaining term would require an initial payment of £421.53 followed by 59 monthly payments of £412.31 and 360 monthly payments of £523.25.
The total amount payable would be £213,267.82 made up of the mortgage amount plus interest (£109,617.82) with a telegraphic transfer fee of £25 and mortgage exit fees of £125.
The overall cost for comparison is 4.7% APRC representative.
We're here to help you...
- Answer your queries
- Check affordability
- Assess your options
- Help you apply
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.