The Monmouthshire Building Society
Phone: +44 01633 844 445, +44 01633 844 330
Email:
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3 Year Fixed Rate Buy to Let Mortgage (up to 75% LTV) - F190
Category
Description
-This Buy to Let mortgage allows you to purchase residential property for letting purposes.
-The maximum Loan to Value (LTV) is the amount of a mortgage loan expressed as a percentage of the purchase price or valuation, whichever is the lower.
-The maximum Loan to Value (LTV) is the amount of a mortgage loan expressed as a percentage of the purchase price or valuation, whichever is the lower.
Installment Amount
-£30,000 to £250,000
Conditions
-Please note that our current Buy to Let products are ONLY available in our local geographical area defined as postcode areas: NP, CF, SA, LD, WR, GL, HR and BS.
-Maximum Loan to value for new build flats/apartments less than 3 years old is 50%. No exceptions allowed.
-For house purchase, the maximum Loan to Value is the amount of a mortgage loan expressed as a percentage of the purchase price or valuation, whichever is the lower.
-This mortgage is available to people seeking to buy a property in order to let it.
-Rental income should be a least 25% more than the mortgage interest repayments (based on the initial rate payable or Standard Variable Rate currently 4.99% plus 1%, whichever is greater).
-If you sell the house these terms may be transferred to any new loan up to the amount of this loan, provided it is used for But-to-Let purposes and completes at the same time as your existing loan is paid off. You must still also meet the Society's lending criteria at the time. If the new loan is for less than this loan or you do not transfer these terms, an early repayment charge is payable on the difference in the amount of this loan and the amount transferred. All loans must be secured on land in England or Wales.
-Mortgage interest is calculated on a daily basis.
-Maximum 3 properties up to £750,000.
-For single named applications, the applicant’s income from either employment or self employment must be at least £25,000 per year. In the case of a joint application, the income of the main applicant (i.e. the highest earner) must be at least £25,000 per year. The applicant (or one of the applicants in the case of a joint application) must be an existing home owner at the time of the application.
-Maximum Loan to value for new build flats/apartments less than 3 years old is 50%. No exceptions allowed.
-For house purchase, the maximum Loan to Value is the amount of a mortgage loan expressed as a percentage of the purchase price or valuation, whichever is the lower.
-This mortgage is available to people seeking to buy a property in order to let it.
-Rental income should be a least 25% more than the mortgage interest repayments (based on the initial rate payable or Standard Variable Rate currently 4.99% plus 1%, whichever is greater).
-If you sell the house these terms may be transferred to any new loan up to the amount of this loan, provided it is used for But-to-Let purposes and completes at the same time as your existing loan is paid off. You must still also meet the Society's lending criteria at the time. If the new loan is for less than this loan or you do not transfer these terms, an early repayment charge is payable on the difference in the amount of this loan and the amount transferred. All loans must be secured on land in England or Wales.
-Mortgage interest is calculated on a daily basis.
-Maximum 3 properties up to £750,000.
-For single named applications, the applicant’s income from either employment or self employment must be at least £25,000 per year. In the case of a joint application, the income of the main applicant (i.e. the highest earner) must be at least £25,000 per year. The applicant (or one of the applicants in the case of a joint application) must be an existing home owner at the time of the application.
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