Skipton Building Society Buy to let Mortgage 7 year fixed rate
Skipton Building Society Buy to let 7 year fixed rate will protect your rental profits until the election and beyond. With all the talk of the Bank of England putting rates up now could be the time to lock in your mortgage payments on your investment properties to secure your future. The product also allows for 10% of the capital balance to be repaid each year without penalty.
Initial Rate: 4.60%Subsequent:5.19%The overall cost for comparison is 5.1%
- Features: Fixed until 31/10/2021..
- Minimum deposit / equity: 40%
- Valuation fee: FREE
- Other main lender fees: £245 booking fee. Arrangement fee £750.
- Early repayment charges: 7/7/7/6/5/4/3% of the amount redeemed 31/10/2021.
MY PRODUCT COMMENTS: Two members of the Monetary Committee recently voted in favour of a rate rise so the signs are well and truly there. This product offers the longest fixed period on the market and could be ideal for the larger loans in your portfolio.
MY LENDER COMMENTS: Skipton Building Society is quiet stringent on the rental coverage needed and number of properties they will take on board. I would recommend that you seek professional advice before selecting them as a lender.
For more information on the Buy to let Mortgage 7 year fixed rate product please complete the enquiry form on this page or call us on 020 7993 2044.
Rates current as at 30/9/14. The overall cost for comparison is based on a property value of £250,000 over a 25 year term. Repayment for Residential and Interest only for Buy-to-let. Eligibility will depend on your own personal circumstances.
The purpose of this web is for information only and is based on a fictitious illustrative scenario. It does not constitute a Mortgage Offer in any way.
It is essential that you seek independent mortgage advice as a suitable product will be based on your own individual circumstances. An interest rate should not be read in isolation, and you should refer to your personal key facts illustration and Mortgage Offers for full terms and conditions. If anything is unclear it should be discussed fully with both your mortgage and legal advisors before entering into a mortgage contract with the lender.
For full details about the information on this page please read our product research and disclaimer wording.
Your Home is at Risk if you do not keep up with your mortgage repayments.
Author: Payam Azadi
Payam Azadi is a partner at Niche Advice who are whole of the market Independent Finance Brokers In London. His role is very much focused on Property financing both on residential and commercial lines.