The Monmouthshire Building Society

The Monmouthshire Building Society

Phone: +44 01633 844 445, +44 01633 844 330

3 Year Fixed Rate Buy to Let Remortgage (up to 75% LTV) - F191

-This Buy to Let mortgage allows you to remortgage a residential property that you already own and let.

-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.
-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.
-You will not have to pay the usual legal fees in securing your new mortgage if our appointed solicitors are used. Our solicitor acts for the Society only to ensure we have good legal claim over your property. (You will have to pay for any additional legal work that the solicitors do which is beyond the usual scope of a simple remortgage†).
† for example, change of your name, transfers of equity, deeds of postponement, merger of freehold and leasehold, remedy of any title defect, etc.
-This mortgage is available to people wishing to re-mortgage a property from another lender which is already let.
-For Remortgages, the maximum Loan to Value is the amount of a mortgage loan expressed as a percentage of the value of the property against which the loan will be secured.
-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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