2 Year Discounted Rate Expat Holiday Buy to Let – DIB068

Key Details

Term 2 years
Initial Rate1 Currently 4.58%
Overall Cost For Comparison2 6.1% APRC
MAX LTV3 75%
Early Repayment Charge 2%
Product Fees £199 application fee, 1% completion fee

Representative Example

A mortgage of £170,000.00 payable over 30 years initially on a variable rate, currently 4.58% for 2 years and then on our current standard variable rate of 5.99% for the remaining 28 years would require 23 monthly payments of £648.83 and 336 monthly payments of £848.58; plus one initial interest payment of £661.28.

The total amount payable would be £473,277.25 made up of the loan amount, plus interest and fee(s) totalling £303,277.25.  This includes Chaps Fee (£25), Application Fee (£199), Completion Fee (£1700), Redemption Administration Fee (£125), Valuation Fee (£266) and Legal Fees (£255).

The overall cost for comparison is 6.1% APRC representative.

Your home may be repossessed if you do not keep up repayments on your mortgage

Mortgage Product Features

  • Minimum loan size £100,000.
  • Maximum loan size £1,000,000 for any single property
  • Completion fee can be paid before completion or added to the loan. If the completion fee is added to the loan amount, it will become interest bearing and will be reflected in the monthly repayment over the term of the mortgage
  • An early repayment charge of 2% of the agreed advance including any fees added will apply if the mortgage is redeemed at any time during the first 2 years
  • This product is not regulated by the Financial Conduct Authority (FCA)
  • Not available for Consumer Buy to Let or FCA Regulated Buy to Let
  • A minimum interest rate of 1.5% will apply during the term of the discounted period

Holiday Let Rental Income Requirements

  • 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 6.58% on an interest only basis

Expat Applicant Criteria

Expat applicants must be a UK national and a previous UK owner-occupier, residing in a Financial Action Taskforce (FATF) member country for less than 5 years. Please note residents of Australia and China are ineligible, although member states of the Gulf Corporation Council, and Hong Kong residents are eligible.

Minimum income of £40,000 (or equivalent) applies. Maximum of 1 Expat Buy to Let mortgage per borrower. A UK service address and a UK based sterling bank account are required.

How to Apply

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.

Important Information

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.

Definitions

1. The Initial Rate is the rate available during the initial term of the mortgage. Once the initial rate term has expired, the mortgage will revert to our Standard Variable Rate (SVR).

Our SVR is set by us and is currently 5.99%, as a variable rate it may go up or down.

2. The Overall Cost for Comparison is given as the Annual Percentage Rate of Charge (APRC) and includes all charges incurred relating to the mortgage. The APRC is intended to help you as a borrower compare the interest rates on different products.

3. Like all other mortgage lenders, we will allow you to borrow against a proportion of the overall property value. This is known as Loan to Value (LTV) and is expressed as a percentage. For example, if you want to purchase a property at £100,000 and you would like to borrow £85,000, then you will need a mortgage available at 85% Loan to Value (LTV). The available LTV can vary depending upon the type of mortgage.

Shared Ownership mortgages will offer two percentages under LTV – the proportion of the property value and the proportion of the share being purchased.

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