Limited Company Buy to Let Fixed Rate until 14 February 2029 – XIB054
A mortgage exclusively available for lending to Special Purpose Vehicle (SPV) Limited Companies with up to 4 UK resident directors or shareholders.
|Term||Fixed until 14 February 2029|
|Overall Cost For Comparison2||8.3% APRC|
|Early Repayment Charge||3% until 14 February 2027, then 2% until 14 February 2028 and then 1% until 14 February 2029|
|Product Fees||£199 application fee, 3% completion fee|
- The £199 Application Fee is non-refundable and payable at the point of application
- The Completion Fee can be paid before completion or added to the loan. If the Completion Fee is added to the loan amount, interest will be charged on the amount of the fee and this will be reflected in the monthly repayment over the term of the mortgage
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 £110,500.00 payable over 35 years initially on a fixed rate of 5.69% until 14 February 2029 and then on our current standard variable rate of 8.89% for the remaining 29 years 1 months would require 61 monthly payments of £523.95 and 358 monthly payments of £820.46; plus one initial interest payment of £534.00.
The total amount payable would be £440,638.63 made up of the loan amount, plus interest and fee(s) totalling £330,138.63. This includes Application Fee (£199), Legal Fees (£255), Chaps Fee (£25), Completion Fee (£3,315) and Redemption Administration Fee (£125).
The overall cost for comparison is 8.3% 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.
Mortgage Product Features
- Minimum loan size £100,000
- Maximum loan size £500,000 for any single property
- Basic property valuation included
- Legal fees payable by customer
- A repayment of capital up to a maximum of 10% of the original advance will be allowed each calendar year during the product term without incurring an Early Repayment Charge
- An Early Repayment Charge of 3% will apply if the mortgage is redeemed at any time before 14 February 2027, followed by 2% until 14 February 2028, followed by 1% until 14 February 2029. The Early Repayment Charge is a percentage of the balance at the point of redemption
- Rental income must be at least 125% of the monthly mortgage payment calculated at 5.69% on an interest only basis
- Exclusively available for SPV Ltd Company Buy to Let with a personal guarantee
- This product is not regulated by the Financial Conduct Authority (FCA)
Will the interest rate change?
The interest rate is fixed until 14 November 2029 and if our Standard Variable Rate (SVR) reduces during this time, you will not benefit from any reductions to your monthly mortgage payments. When you come to the end of the fixed rate term, we will write to you again to offer you another new deal and you can either choose to accept this deal, remortgage to another lender, or should you do nothing, revert onto our Standard Variable Rate (SVR). If you revert onto our SVR after the fixed rate term, the interest rate becomes variable and may go up or down.
Will I be charged if I repay my mortgage?
Borrowers can make overpayments between 1 January and 31 December each year during the fixed 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.
How much are valuation fees?
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.
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.
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: 10/12/2023 08:11:41 am
Page last updated: 10/11/2023 03:34:00 pm
Page last updated: 10/11/2023 03:34:00 pm