Home – Buy to Let 5.49% fixed to 28/02/30 (CO5YRF75)

Buy to Let 5.49% fixed to 28/02/30

BTLF91 With effect from 18 November 2024

Initial Interest Rate

5.49% fixed

Max Loan to Value (LTV)

75%

Product Fees

£1,249 (non-refundable)

Overall Cost for Comparison

6.9% APRC representative

Fee information

Application fee

£250 (non-refundable)

Must be paid at the time of submitting mortgage application and will be debited only after passing an initial assessment.

Completion fee

£999 (non-refundable)

This fee can be paid before the start of the mortgage or you can elect to add this to the mortgage loan and it will be deducted from the mortgage advance on completion. By electing to add fees to the loan, you will pay interest on them at the same interest rate as your mortgage throughout the mortgage term and this will affect interest charges and payment calculations. If preferred, fees that have been added to the loan may be repaid by a separate capital payment at any time after the start of the mortgage and this will result in lower monthly payments and reduced interest charges.

Valuation fee

Please see the table at the link for details of the applicable fee.

Fees reference table

Early repayment charge

During year 1: 5% of the amount repaid early plus fees During year 2: 4% of the amount repaid early plus fees During year 3: 3% of the amount repaid early plus fees During year 4: 2% of the amount repaid early plus fees During year 5: 1% of the amount repaid early plus fees

This charge is calculated as a percentage of the amount repaid early, excluding any arrears of interest, or other charges. The early repayment charge is payable if you repay any amount in excess of 10% of the mortgage balance in any one year.

Overpayments

Overpayments of up to 10% per year may be made without incurring the early repayment charge.

Mortgage exit admin fee

£125 (non-refundable)

Representative Example

A Mortgage of

A mortgage of £259,599 (a loan of £258,600 plus a completion fee of £999 added to the loan)

Payable term

Payable over 25 years, based on a start date of 01/03/25

Initial rate and term

Initially on a fixed rate of 5.49% until 28/02/30

Followed by

Our Landlord Variable Rate of 7.54% for the remaining 20 years

Monthly payments

60 payments of £1,592.62 followed by 240 payments of £1,872.33

Total amount payable

The total amount payable would be £545,956.40 made up of the loan amount plus interest (£285,317.40) plus the fees below

Arrangement fee

£250

Mortgage exit administration fee

£125 (non-refundable)

Valuation fee

£415

Cost for comparison

6.9% APRC representative

Standard Features

Available on properties in England and Wales, for letting on an Assured Shorthold Tenancy
Rental income of 125% (145% for higher/additional rate taxpayers) of the mortgage payment at a stressed rate required, except for 5 Year Fixed Rate mortgages (where available) where the interest coverage requirement is 125% (145% for higher/additional rate taxpayers) at pay rate
Maximum number of rental properties is 3 per household with Hinckley & Rugby Building Society
Minimum loan £100,000 (existing members £50,000)
No minimum income required
Minimum term 5 years
Interest calculated on a daily basis
No tied insurances
Minimum age for applicants 18
Tariff of charges during the life of any mortgage available on request
Mortgage repayment vehicle must be in place for interest only mortgages
For remortgages, the property must have been owned by the applicants for a minimum of 6 months