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Business Buy to let – 3 Year Discounted Rate 2.19%

buy to let mortgages the melton
Money Age Awards Winner 2016 - Moneyfacts  Award 2016 - Mortgage Finanace Gazette Awards 2017 WINNER
Loan to Value (LTV) A variable rate with 2.80% discount off our Standard Variable Rate (SVR) for 3 years Then changing to our SVR for rest of mortgage term, currently The overall cost for comparison is
60% 2.19% 4.99% 4.5% APRC
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IF YOU FAIL TO KEEP UP WITH PAYMENTS ON YOUR MORTGAGE A 'RECEIVER OF RENT' MAY BE APPOINTED AND YOUR RENTAL PROPERTY, OR OTHER PROPERTY USED AS SECURITY, MAY BE REPOSSESSED

Based on a £166,896 mortgage, secured by first charge on the property, repaid on an interest only basis over a 20 year term: 36 monthly payments at a variable rate of 2.19%, (£304.59) £10,965.24. 204 monthly payments at standard variable rate (currently 4.99%), (£694.01) £141,578.04. Valuation fee on property of £300,000 payable when you apply £290 (see scale). Telegraphic Transfer fee payable when you apply £25. Solicitors fees payable to your conveyancer (estimated) £360. Mortgage Discharge Fee payable at the end of your mortgage £150. Loan amount payable at the end of the mortgage £166,896. Total Amount Payable £320,264.28.

Terms:

  • Minimum loan £25,000.  Maximum loan £250,000.
  • Minimum rental cover 145% of mortgage repayment (calculated using the Society's Buy to Let stressed rate on an interest only basis)
  • An Early Repayment Charge applies if overpayments exceed 10% within 3 years of completion: 3% during 1st year; 2% during 2nd year; 1% during 3rd year
  • Other lending criteria may apply – details available on request.
Additional features
  • No Application or Completion fees
  • Make overpayments of 10% of the current balance during the first 12 months without any early repayment charges
  • This mortgage is fully portable if the property is sold within the scheme period (terms apply).
Additional restrictions to general buy to let terms
  • Individuals only, at least 25 years old
  • Minimum earned income £35,000 pa
  • Maximum portfolio of 3 properties in total
  • 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.

 

 

 

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Working out your mortgage budget

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.

Saving for your deposit

Opening a savings account can be a good way to save up for your deposit. Take a look at our range of savings accounts.

Finding your first home

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:

Home insurance

We offer competitive buildings and contents insurance in partnership with Uinsure. Find out more.