3 year discount rate holiday home

Discounted for 3 years

Early Repayment Charges apply.

This product may be withdrawn at any time.

arrangement fee
This can be paid up-front or added to the mortgage. Bear in mind that if you add the fee to your mortgage, you'll pay interest on it at the same rate as your mortgage and as a result will pay more interest over the term of your mortgage.
booking fee
This fee must be paid when you apply for your mortgage.
no fee
initial rate
2.50% discount from our Standard Variable Rate for 3 years
followed by our SVR
Our Standard Variable Rate (or SVR) reflects our cost of lending using a number of factors, including the Bank of England Base Rate. As the SVR is a variable rate it can change at any time.
the overall cost for comparison is 4.6% APRC

Product key features

Who's the product for?

If you're looking for a remortgage 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.

And, if you've a proven track record of receiving holiday let income we can include this in your affordability assessment.

Product related fees

There's an arrangement fee of £999. You can pay this up front by deducting the fee from the mortgage amount or adding it to the amount you borrow.

If you add the fee to your mortgage you'll pay interest on the fee at the same rate as your mortgage.

Mortgage amounts and repayment terms

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%.

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

Interest rate floor

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

Mortgage incentives

Valuation fee contribution: We'll cover the cost of one standard mortgage valuation on a property valued up to £400,000. You can choose to have a RICS Homebuyers Report, however you'll have to cover the difference in cost.

Fees assisted legals: You have the choice of using our solicitors, where we'll cover the cost of any standard legal fees, or receiving £150 cashback towards your own solicitor's costs. You'll be advised of any non-standard costs that will apply. If you choose to use our solicitors, they'll only act for us and won't provide you with independent advice regarding the mortgage transaction.

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.
Mortgage tariff of charges

The mortgage tariff of charges details the various fees and charges that may apply during the term of your mortgage.

Representative example

A mortgage of £210,000 payable over 21 years initially on a discounted variable rate for 3 years from inception, currently 2.74% (equal to a 2.50% discount from our SVR) and then our SVR, currently 5.24% for the remaining term would require an initial payment of £1,117.97 followed by 35 monthly payments of £1,102.09 and 216 monthly payments of £1,344.40.

The total amount payable would be £330,231.52 made up of the mortgage amount plus interest (£120,081.52) with an arrangement fee of £999, a telegraphic transfer fee of £25 and mortgage exit fees of £125.

The overall cost for comparison is 4.6% APRC representative.

Gail, from our mortgage team is here to help 0121 557 2551* Contact Us
Our lines are open:
Monday - Tuesday09:00 - 17:00
Wednesday09:30 - 17:00
Thursday - Friday09:00 - 17:00
Saturday09:00 - 12:00
*Calls from landlines are charged at the standard rate. Calls from mobiles may vary.

We're here to help you...

  • Answer your queries
  • Check affordability
  • Assess your options
  • Help you apply