Buy to Let Mortgage - Base Rate Tracker and Fixed Rate
In a nutshell:
A Term Tracker mortgage available in Sterling linked to Bank of Scotland Base Rate (BBR) which tracks the Bank of England Bank Rate.
Suitable for:
Any one of the following categories wishing to purchase or remortgage a UK residential property for Buy to Let purposes or indeed wishing to release equity in their property for any legitimate purpose:
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UK resident but non UK domiciled
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UK resident but deemed Not Ordinarily Resident for UK tax purposes
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Non UK resident (either a UK expatriate or a foreign national of another country)
Applicants may also be an Offshore Company or Trust
Key features:
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Minimum loan of £250,000
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Borrow up to 80% of the professional valuation of the property or of the purchase price, whichever is lower.
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New Build properties will, however, be restricted to a maximum 75% of the professional valuation of the property or of the purchase price, whichever is lower.
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Option to repay your mortgage early.
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Choice of interest only or repayment options
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Maximum of 10 properties per applicant(s).
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Rental Income must equate to a minimum 125% of the annual (interest only) costs based on the actual Pay Rate
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Tenancy - must conform to Assured Shorthold Tenancy (AST). Company Lets will also be considered. Multiple tenancies and ex-local authority properties are excluded.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Buy to Let - Base
| Amount | Maximum LTV | Interest Rate | Indicative APR | Arrangement fee |
|---|---|---|---|---|
| £2,000,000 plus | 80% | Contact us | Contact us | Contact us |
| £250,000 to 2,000,000 | 80% | BBR+1.50% | 6.8% | 1% |
Bank of Scotland Base Rate (BBR) is currently 5.00%* (correct at 4th July 2008)
An Early Repayment Charge equivalent to 2% of the outstanding balance will apply if the mortgage is repaid within the first 3 years + £150 administration fee. Thereafter, a £150 administration fee will apply.
Please contact us if the Mortgage amount exceeds £2,000,000 or the Loan to Value ('LTV') is below 70% as preferential pricing may be available.
Buy to Let Fixed Rate
| Amount | Maximum LTV | Interest Rate | Indicative APR | Arrangement fee |
|---|---|---|---|---|
| £250,000 to 1,000,000 | 75% | 6.85% to 30/04/2010 | 7.8% | 1% |
| £250,000 to 1,000,000 | 80% | 6.90% to 30/04/2010 | 7.8% | 1% |
An Early Repayment Charge equivalent to 6 month's interest will apply if the mortgage is repaid before [30/04/2010]. After the fixed rate period, the interest rate will revert to Bank of Scotland's variable Home Loan Rate which is currently 7.35%* (correct at 4th July 2008).
Further Advances are not permitted on a Buy to Let Fixed Rate mortgage.
Please contact us if the Mortgage amount exceeds £2,000,000 or the Loan to Value ('LTV') is below 70% as preferential pricing may be available.
Rates and fees quoted are correct at 4th July 2008. Terms and conditions apply. The actual rate available will depend upon your circumstances. Please ask for a personalised illustration.
Call +44 (0)1624 644080 for more information.
