|Loan to Value (LTV)||Then changing to our SVR for rest of mortgage term, currently||The overall cost for comparison is|
• Purchase, remortgage and scheme transfer
• Repayment methods: capital and interest repayment, interest only or a combination of the two
• Maximum Loan to Value (LTV) 75%. LTV restrictions apply in London – contact us for details.
• Maximum loan amount £250,000
• Maximum term 40 years, minimum term 5 years
• Minimum rental cover 145% of mortgage repayment (calculated using the Society’s Buy to Let stressed rate on an interest only basis)
• Subject to personal circumstances meeting Lending Policy
• This product may be withdrawn without notice
• An Early Repayment Charge applies if overpayments exceed 10% of the balance at the start of each year, within 3 years of completion: 3% during 1st year; 2% during 2nd year; 1% during 3rd year
• There is a Completion fee, Valuation fee, Telegraphic Transfer fee, Solicitors fee, Tenancy Agreement fees and a Mortgage Discharge fee payable (see example).
• This mortgage is portable – please refer to our Portability Information Sheet
• Overpayments are permitted up to a maximum of 10% of the balance at the start of each year.
Additional Restrictions to General Buy to Let Terms:
Individuals only, at least 25 years old
Minimum earned income £25,000 pa
Maximum portfolio of 3 properties in mortgage to the Society or other lenders
No leasehold properties. We only consider ex local authority houses where at least 40% has been transferred into private ownership
No tenants in receipt of benefits, no multi-occupancy
Tenancy Agreements subject to approval for each amendment, i.e. tenants, rental amount etc, for which a fee of £75 is payable
It’s a good idea to know approximately how much you’ll have to spend before you start house hunting. The Melton’s mortgage advisors will help work out an affordability budget with you to give you an indication of how much you may be able to borrow.
Opening a savings account can be a good way to save up for your deposit. Take a look at our range of savings accounts.
Make friends with the agents. Calling and visiting your estate agents regularly will help ensure you’re the first to know when a hot new property hits the market.
Put aside a whole day, and do a number of viewings (six is the suggested maximum). Go on a weekday if you can – estate agents will give you more time than at the weekend.
Take your own pictures. These are much more useful than glossy agents’ shots. Film your visits on your phone, too. That way, you have something to refer back to.
We’re also here to help with:
We offer competitive buildings and contents insurance in partnership with Uinsure. Find out more.