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Our mortgages are available through independent mortgage brokers across England and Wales

Holiday Buy to Let – Discounted Rate for Term 2.49%

melton buy to let mortgages
mortgage awards 2019

Our Holiday Buy to Let mortgage is specifically designed for people who want to invest in property for holiday letting

Loan to Value (LTV) A variable rate with a 2.50% discount off our standard variable rate (SVR) for the term of the mortgage Then changing to our SVR for rest of mortgage term, currently The overall cost for comparison is Product Fees
60% 2.49% n/a 2.6% APRC £798
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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 £120,000 mortgage, secured by first charge on the property, repaid on an interest only basis over a 20 year term: 240 monthly payments at a variable rate of 2.49%, (£249.00) £59,760.00. Valuation fee on property of £261,000 payable when you apply £330 (scale applies). Application fee payable when you apply £199. Completion fee payable at time of legal completion £599. 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 your mortgage £120,000.00. Total Amount Payable £181,423.00

  • Maximum loan £500,000.
  • Minimum rental cover 130% of mortgage payment (calculated using the Society’s Buy to Let stressed rate on an interest only basis)
  • Application fee £199. Completion fee £599
  • An Early Repayment Charge applies if overpayments exceed 10% within 5 years of completion: 5% during 1st year; 4% during 2nd year; 3% during 3rd year; 2% during 4th year; 1% during 5th year
  • Other lending criteria may apply – details available on request.
Additional features
  • Make overpayments of up to 10% of the current balance each year during the early repayment charge period without incurring early repayment charges
  • This product 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 £25,000 pa
  • Maximum portfolio of 3 properties in total
  • We only consider ex local authority houses where at least 40% has been transferred into private ownership
  • No multi-occupancy
  • Existing Holiday Buy to Let – minimum of 1 year’s approved gross rental income required
  • New Holiday Buy to Let – confirmation of potential income required, subject to a 80% occupancy rate
  • Property must be free of any planning restrictions that limits use to holiday home use only

Product Code: Regulated BTL 067 / Non-Regulated BTL 073

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.