The Mortgage Works Let to Buy 2 Year Tracker is an incredible rate for the facility it provides.
The Mortgage Works Let to Buy 2 Year Tracker is a great addition on this lenders product range. Let to Buy is effectively a remortgage of an existing main residency mortgage onto a buy to let mortgage. It is not uncommon to raise capital at the same time to help towards the purchase of the new property, and this keenly priced 2 year tracker rate allows you to do just that! The underwriting is also straight-forward from this provider who are owned by Nationwide Building Society.
Initial Rate: 2.59% Subsequent:4.99% The overall cost for comparison is 4.9%
- Features: Bank of England Base Rate plus 2.09% until 31/12/2016. For let-to-buy remortgages.
- Minimum deposit / equity: 40%
- Valuation fee: £490
- Other main lender fees: £995 arrangement fee.
- Early repayment charges: 3% of the amount redeemed to 31/12/2016
MY COMMENTS: If you are moving out of your main residency you are legally obliged to let the existing lender know. Most lenders will allow you to let the property for a short while ‘consent to let’ but will insist the mortgage is transferred to a specific buy-to-let mortgage for the long term. So to save messing around its worth considering the switch at the point of vacating the property, particularly as the rate is so good right now.
For more information on The Mortgage Works Let to Buy 2 Year Tracker please complete the enquiry form on this page or call us on 020 7993 2044.
Rates current as at 22/9/14 . 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.. Key: ERC = Main early repayment charge
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 Mortgage Brokers. His role is very much focused on Property financing both on residential and commercial lines.