Initial Rate for 3 years
then changing to....
The Society’s Buy to Let Mortgage Variable Rate
for the remaining term of the mortgage
The overall cost for comparison is
Your home may be repossessed if you do not keep up repayments on your mortgage
PRODUCT CODE – BFX04
This is a 3.39% 2 year fixed rate mortgage. 20% equity required.
This mortgage is available for Buy to Let product transfers.
An early repayment charge will apply if you repay all or part of your mortgage within the first 2 years. This charge will be applied on a sliding scale of 2% in the first year and 1% in the second year. However a maximum of 10% overpayment is allowed in each 12 month anniversary period within the first 2 years.
A mortgage of £65,000 payable over 23 years initially on a fixed rate for 2 years at 3.39% and then on our Buy to Let Mortgage Variable Rate (MVR) of 5.79% (variable) for the remaining 21 years would require 24 monthly payments of £183.63 and 252 monthly payments of £313.63.
The total amount payable would be £148,561.88 made up of the loan amount plus interest (£83,441.88) and a Mortgage Discharge Fee of £120.00.The overall cost for comparison is 5.6% APRC representative.
Please note the example above is for a product transfer on an interest only basis.
Fill in the details below to find out how much you will need to pay on a monthly basis on a repayment mortgage and an interest only mortgage.