Green – Buy to Let 2 Year Discount 5.55% variable (2.49% off Landlord Variable Rate)
GBD11 With effect from 11 December 2023
Initial Interest Rate
2.49% discount off the Society's Landlord Variable Rate for 2 years. Will not go below a floor of 2.25%.
5.55%
variable
Max Loan to Value (LTV)
Maximum loan to value available:
75%
Product Fees
Application fee
Free
Completion fee
Free
Free
Overall Cost for Comparison
The overall cost for comparison
7.7% APRC representative
Monthly repayments calculator
Whether you’re looking for residential or buy-to-let products, use our helpful calculators to pre-determine the likely status of your application.
Fee information
Application fee
Free
Completion fee
Free
Valuation fee
Free where the price or value of the property is £1million or less.
Early repayment charge
During year 1: 2% of the amount repaid early plus fees During year 2: 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
Free
Representative Example
A Mortgage of
A mortgage of £40,000
Payable term
Payable over 19 years
Initial rate and term
Initially on a discounted variable rate for 2 years of 5.55%
Followed by
Our Landlord Variable Rate of 8.04% for the remaining 17 years
Monthly payments
24 payments of £284.27 followed by 204 payments of £337.62
Total amount payable
The total amount payable would be £75,696.96 made up of the loan amount plus interest (£35,696.96)
Arrangement fee
Free
Mortgage exit administration fee
Free
Valuation fee
Free
Cost for comparison
7.7% APRC representative
Standard Features
- Available on properties in England and Wales
- Minimum Loan Amount £20,000, Maximum Loan £100,000
- 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
- Interest Only Mortgages are available up to a maximum of 75% LTV provided a suitable repayment strategy is in place
- Normal maximum term 40 years, depending on age limits
- Interest calculated on a daily basis
- Applications accepted for advances on private dwelling houses of various types providing they are of Standard Construction
- No tied insurances
- Minimum age for applicants 18
- Portable up to the existing mortgage balance
- Tariff of charges during the life of any mortgage available on request
- Available for Additional Borrowing for existing members only
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