At The Mansfield, our individual approach allows us to offer holiday let mortgage lending up to 70% loan to value (LTV).
|Mortgage Product||Term||Initial Rate1||Overall Cost for Comparison2||Max LTV3||Early Repayment Charge||Product Fees|
Business Buy to Let 3 Year Discounted Rate - DIB037
|3 years||Currently 3.65%||5.6% APRC||75% (holiday lets - 70%)||3%||£199 application fee, £1,800 completion fee|
A mortgage of £167,000.00 payable over 25 years initially on a variable rate, currently 3.65% for 3 years and then on our current standard variable rate of 5.75% for the remaining 22 years would require 35 monthly payments of £507.96 and 264 monthly payments of £800.16 plus one initial interest payment of £517.70.
The total amount payable would be £399,233.54 made up of the loan amount, plus interest and fee(s) totalling £232,233.54. This includes Application Fee (£199), Valuation Fee (£266), Legal Fees (£255), Chaps Fee (£25), Completion Fee (£1,800) and Redemption Administration Fee (£150).
The overall cost for comparison is 5.6% APRC representative.
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 5.75%, 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.