2.65% variable rate for 2 years. This is the current Buy To Let Mortgage Variable Rate with a 2.64% discount and £995 product fee can be paid upfront or added.
A mortgage of £120,000.00 payable over 25 years initially on a fixed rate for 2 years at 2.65% and then on our Buy to Let Mortgage Variable Rate (MVR) of 5.29% (variable) for the remaining 23 years would require 24 monthly payments of £267.30 and 276 monthly payments of £533.58,
The total amount payable would be £275,113.28 made up of the loan amount plus interest (£273,683.28) an Application fee of £995.00, a CHAPS Fee of £20.00, a Valuation fee £195.00, a Legal fee of £105.00, an Insurance Rearrangement fee of £25.00 , and a Mortgage Discharge Fee of £90.00.
The overall cost for comparison is 5.10% APR representative.
Please note the example above is for a house purchase on an interest only basis.
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