2 Year Discounted Variable Rate Limited Company Holiday Buy to Let – DIB084

A mortgage of £235,000.00 payable over 16 years initially on a variable rate, currently 6.45% for 2 years and then on our current standard variable rate of 8.89% for the remaining 14 years would require 23 monthly payments of £1,971.17 and 168 monthly payments of £2,269.17; plus one initial interest payment of £1,283.83.

The total amount payable would be £430,196.30 made up of the loan amount, plus interest and fee(s) totalling £195,196.30. This includes Application Fee (£199), Legal Fees (£255), Valuation Fee (£252), Chaps Fee (£25), Completion Fee (£1,499) and Redemption Administration Fee (£125).

The overall cost for comparison is 8.7% APRC representative.

A representative example is designed to help understanding of the typical cost of this mortgage. This is not an illustration and is only provided as an example.

• A holiday letting agent or valuer is required to provide Low, Mid and High Season rental figures for the property. Agent’s letting fees should be deducted, or assumed as being 20% of gross rents if not available or confirmed
• We will take an annual average of the 3 seasons’ income (after agent fees) and use 70% of this figure, to allow for rental voids, when calculating the Interest Rate Coverage Ratio (ICR)
• This figure must be at least 125% of the monthly mortgage payment calculated at 8.45% on an interest only basis

A discounted variable rate mortgage is discounted from our Standard Variable Rate (SVR), and as a result, the initial rate will go up or down when we change our SVR and by the same amount. We choose when to change our SVR depending on a variety of factors and our SVR is not directly linked to the Bank of England Base Rate (BBR). If the interest rate goes up, we will write to borrowers in advance to inform them of the intended changes.

When borrowers come to the end of the initial rate term, we will write to them to offer them another deal and they can either choose to accept this deal, remortgage to another lender, or should they do nothing, revert onto our SVR.

The fee charged is normally based on the purchase price of the property at the time of inspection. Where the purchase price is preferential or where the price is not known at the time of inspection, the fee charged will be based on the valuation figure. Unless otherwise stated in the product features, a basic valuation fee is payable by the applicant(s).

You can find out more including the fee scale in our Mortgage Valuation Fees document.

Unless otherwise stated, our mortgage products are available for house purchase or remortgage. All our mortgage products are subject to availability and can be withdrawn at any time.

All mortgage applications are manually underwritten by our experienced underwriters and are subject to a full assessment against our lending criteria.

It is important that you take time to read and understand the mortgage product features detailed above and the information about our Residential or Buy to Let mortgages detailed in the General Information Guides.

All of the mortgages shown are available direct from us via our qualified sales team, please call on the number above, request a call back, or submit a detailed contact request to find out more.

To get an indication of whether this mortgage is right for you, you can use our repayment calculator to see what the potential monthly repayments might be.