Buy-to-Let Mortgage
With our Discounted Variable Rate Buy-to-Let Plan your payments will vary in line with any interest rate changes, however, you will always pay less than our Buy-to-Let Standard Variable Rate for the discount period. Once the discount rate period is finished, the mortgage changes to and remains on our Buy-to-Let Standard Variable Rate (currently 5.74%) for the rest of the mortgage.
Please note: if we increase our Standard Variable Rate by more than the increase in the Bank of England Base Rate during the discounted period you won't have to pay the Early Repayment Charge if you want to leave or switch to another one of our products.
| Product Name |
Interest Rate |
Max % Property Value |
Arrangement Fee |
|
| 2 Year Discounted Variable Rate Buy to Let Mortgage |
3.99% |
75% |
£1499 |
More Details |
- Buy-to-Let Standard Variable Rate is discounted by 1.75% to 3.99% for the first two years then changing to our Buy-to-Let standard variable rate which is currently 5.74% and remaining on our variable rate terms for the rest of the mortgage
- The overall cost for comparison is 5.8% APR
- Flexible features available - please see link at the bottom of the page
- Arrangement fee of £1,499 is payable with the application
- A valuation fee is payable
- A maximum of 4 tenants will be allowed subject to the rental property not being classified by the local authority as a ‘House in Multiple Occupation’
- A Short-hold Tenancy Agreement will be required for a minimum period of 6 months
- The rental income must be a minimum of 130% of the mortgage payment calculated at 6%
- Minimum income required for applicant is £25k per annum
- Maximum of 3 properties in a portfolio (all of which can be with Teachers Building Society)
- Maximum value of properties with Teachers Building Society is £1 million
- An Early Repayment Charge of 5% on the amount repaid will be applied during the first two years but will be waived if the Society exceeds any Bank of England Base Rate increase. You can overpay by up to 20% of the loan outstanding per calendar year without charge
- A suitable Buildings Insurance Policy must be arranged
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