5 year discount rate holiday home
Discounted for 5 years
This product may be withdrawn at any time.
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.
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 2.99%.
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: We'll cover the costs of any standard legal fees involved. You will have to pay any non-standard costs and you'll be advised if any should apply. If you choose to use our own conveyancers they'll only act for us and not for you during the remortgage transaction. If you need to add or remove a name on the mortgage you must appoint your own solicitors, and you'll receive £150 cashback towards your costs.
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 £213,692.82 made up of the mortgage amount plus interest (£109,617.82) with a mortgage valuation of £275 and 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.