A mortgage exclusively available for UK owner-occupier nationals currently residing in a Financial Action Taskforce (FATF) member country for less than 5 years wanting to purchase or remortgage a Buy to Let property.
|Initial Rate1||5.89% variable|
|Overall Cost For Comparison2||8.8% APRC|
|Early Repayment Charge||2% in Year 1, 1% in Year 2|
|Product Fees||£199 application fee, 1% completion fee|
A £1,000 Completion Fee added to the loan amount would increase in value over the term of the mortgage and an illustrative example is provided below based on a static rate over a 10, 15 or 25 year term.
Value of the fee with interest at 10 years
Value of the fee with interest at 15 years
Value of the fee with interest at 25 years
A mortgage of £116,250.00 payable over 17 years initially on a variable rate, currently 5.89% for 2 years and then on our current standard variable rate of 8.89% for the remaining 15 years would require 23 monthly payments of £570.59 and 180 monthly payments of £861.28; plus one initial interest payment of £562.78.
The total amount payable would be £286,733.25 made up of the loan amount, plus interest and fee(s) totalling £170,483.25. This includes Legal Fees (£255), Chaps Fee (£25), Completion Fee (£1,162.50), Application Fee (£199) and Redemption Administration Fee (£125).
The overall cost for comparison is 8.8% 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.
This product is subject to change or withdrawal without notice
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 £35,000 (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. For full details, please see our Expat Mortgage Application Checklist.
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.
Borrowers can make overpayments between 1 January and 31 December each year during the discounted rate period of up to 10% of the original loan amount without incurring an Early Repayment Charge.
Any lump sum payments or regular overpayments received in a single calendar year, which in total exceed 10% of the original loan amount will incur an Early Repayment Charge on the amount of the excess. The Early Repayment Charge is a percentage fee of your current balance.
Any Early Repayment Charge will be waived if a new consecutive mortgage for at least the amount outstanding at the time of redemption is taken out with us. If a new mortgage for at least the amount outstanding at the time of redemption is taken out with us within 3 months of full repayment then any early repayment charge will be refunded.
A basic valuation fee is included. If you require a more detailed Homebuyers Report, this will be at an additional charge.
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.
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 either revert to our Standard Variable Rate (SVR), or a follow-on rate that is a discount off our SVR.
Our SVR is set by us and is currently 8.89%, as a variable rate it may go up or down. Our follow-on rate is 1.74% below our SVR and is currently 7.15% variable. Our follow-on rate will go up or down with changes to our SVR.
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.
Your home may be repossessed if you do not keep up repayments on your mortgage
The Mansfield Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Reference number 206049. Member of the Building Societies Association.
Date printed: 06/12/2023 06:35:02 pm
Page last updated: 04/12/2023 10:58:58 am
Page last updated: 04/12/2023 10:58:58 am