Visas – Buy to Let 2 Year Discount 5.29% variable (1.75% off Landlord Variable Rate)
VISD1 With effect from 01 July 2025
Initial Interest Rate
1.75% discount off the Society's Landlord Variable Rate for 2 years. In any event, the rate will not go below 2.25%.
5.29%
variable
Max Loan to Value (LTV)
Maximum loan to value available:
75%
Product Fees
Application fee
£250 (non-refundable)
Completion fee
£999 (non-refundable)
£1,249 (non-refundable)
Overall Cost for Comparison
The overall cost for comparison
7.0% 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.
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
£125 (non-refundable)
Representative Example
A Mortgage of
A mortgage of £226,399 (a loan of £225,400 plus a completion fee of £999 added to the loan)
Payable term
Payable over 28 years
Initial rate and term
Initially on a discounted variable rate for 2 years of 5.29%
Followed by
Our Landlord Variable Rate of 7.04% for the remaining 26 years
Monthly payments
24 payments of £1,292.98 followed by 312 payments of £1,531.38
Total amount payable
The total amount payable would be £509,757.08 made up of the loan amount plus interest (£282,423.08) plus the fees below
Arrangement fee
£250
Mortgage exit administration fee
£125 (non-refundable)
Valuation fee
£310
Cost for comparison
7.0% 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
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