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Holiday Let 2 Year Variable Rate Remortgage

Available for loans up to 75% of the purchase price or valuation of the property, whichever is lower.
3.39% 5.99% 5.7% APRC 75%

Key Features

Variable rate

A variable rate, currently 3.39%, which is discounted by 2.60% from our Standard Variable Rate for the first 2 years. It then changes to our Standard Variable Rate, which is currently 5.99%, and remains on our variable rate terms for the rest of the mortgage.

The overall cost for comparison is 5.7% APRC representative.

What you Pay

  • Daily interest.
  • A valuation fee is payable for all properties worth £800,000 or more.

Early repayment charge

An Early Repayment Charge of 3% on the amount repaid will be applied for the duration of the product term. You can overpay by up to 10% of the loan outstanding per calendar year without charge.

What we Pay

  • The first valuation fee for properties worth less than £800,000
  • For remortgage applications, legal fees will be paid when using our appointed solicitor. For non-standard remortgages (i.e. shared ownership, transfer of equity, unencumbered property), we will pay £250 towards the legal costs and this will be sent directly to your solicitor on completion of the mortgage.

Who can apply and more information

  • Minimum income of main applicant is £25,000 (£40,000 if joint application).
  • Minimum property value of £75,000.
  • Minimum loan amount £50,000
  • Not available for first-time buyers or professional landlords.
  • Available for home purchase and remortgage applications.
  • This mortgage is not portable.

Representative Example:

A mortgage of £197,194.00 over 29 years initially on a discounted variable rate of 3.39% (equal to a 2.60% discount off our SVR) for 2 years and then our Standard Variable Rate of 5.99% for the remaining term, would require 24 monthly payments of £890.84 and 324 monthly payments of £1174.87.

The total amount payable would be £402,552.12 made up of the loan amount plus interest (£205,248.12) with a Funds Transfer Fee of £25.00 and a Mortgage Exit Fee of £85.00. 

The overall cost for comparison is 5.7% APRC representative.

Your home may be repossessed if you do not keep up repayments on your mortgage

Please note: the representative example is for a house purchase only. For remortgage applications, certain fees do not apply. Please see above for full details.

This information does not contain all of the details you need to choose a mortgage. Make sure that you read the separate European Standardised Information Sheet before you make a decision. For full details, please call our friendly team on 0800 378 669.

Product Reference: 568


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