Mortgage product
information.
Buy To Let 2 Year Discount Rate – for purchase or remortgage up to 85% LTV
| Mortgage details | |
|---|---|
Initial rate | 5.89% (SVR minus 1.60%) |
Rate Type | Variable |
Rate Term | 2 year |
APRC | 7.3% |
Standard rate | STANDARD VARIABLE RATE of 7.49% with a discount of 1.60% until 2 years from completion date, then changing to Suffolk Standard Variable Rate (currently 7.49%) |
Fees | Application Fee: Completion Fee: Valuation Fee: Remortgage – FREE CHAPS (Fee for transfer of funds to solicitor): |
Maximum loan | £650,000 |
Maximum LTV | 85% |
Additional information | Fee free over-payments up to 50% of original loan. Early repayment charge of 1% applies until 2 years from completion. This product offers fee-assisted legals on remortgages. However, this is only available for like-for-like remortgages. You may have to pay additional charges for non-standard applications. In some cases, the fee-assisted package may not be available. Some examples of when fee-assisted legals are not available include applications which are ‘Joint Borrower Sole Proprietor’, which involve a ‘Power of Attorney’, or a ‘second charge’. Contact us for more information. |
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Representative example
A mortgage of £265,000.00 payable over 8 years on our Standard Variable Rate currently at 7.49% with a discount of 1.60%, giving a current rate payable of 5.89% for 24 months, then on our Standard Variable Rate currently at 7.49% for the remainder of the mortgage term. This would require 24 monthly payments of £1,305.78, followed by 72 payments of £1,660.50. The total amount payable would be £417,437.72 made up of the loan amount plus interest (£150,894.72), an application fee of £199, a completion fee of £999, a valuation fee of £215, a mortgage funds release fee of £35 and a mortgage discharge fee of £95. The overall cost for comparison is 7.3% APRC representative.