Our variable Holiday Let mortgage is for owners of holiday properties who like to let out their property to holidaymakers when it is not in use.
4.64% variable rate for 2 years. This is the current But To Let Mortgage Variable Rate with a 0.65% discount. This product has a £995 fee. No Early Repayment Charge.
A mortgage of £112,500 payable over 25 years initially on a discounted rate for 2 years at 4.64% 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 £439.08 and 276 monthly payments of £500.51.
The total amount payable would be £262,583.68 made up of the loan amount plus interest (£261,178.68) an Application fee of £995.00, a CHAPS Fee of £20.00, a Valuation fee £170.00, 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 5.40% APR representative.
Please note the example above is for a house purchase on an interest only basis.
• maximum LTV 75%
• interest only or repayment basis considered
• the applicants must own their own home
• rent must be at least 125% of interest payable at the initial product pay rate
• total applicants’ earned income should be at least £30,000
• applications underwritten on a “full status” basis
• affordability fully assessed using net earned income plus 50% of actual /anticipated gross rent (either actual amount received or anticipated rent as advised by a specialised holiday let agent) less all personal outgoings and the proposed new mortgage payment (stress tested at 6.54%)
• maximum of 1 holiday let mortgage per borrower (the maximum to remain at one account overall including for joint borrowers)
• where the applicant also holds buy to let properties, the maximum permitted exposure with the Society will be £500,000 and 5 properties and in total 10 properties and £1m (including any exposure with the Society)
• 3 months satisfactory bank statements to be provided
• a satisfactory statement of Assets & Liabilities to be provided
• available mainland UK
• Minimum valuation £125,000 (60% product £84,000 minimum valuation)
• Minimum advance £50,000
• No occupancy restrictions to apply to the security
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