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Buy to Let Additional Borrowing Mortgage Variable Rate


Buy to Let Addtional Borrowing Variable Rate (75% LTV)

Our Buy to Let Mortgage for Additional Borrowing is available up to 75% LTV which means your additional borrowing, plus your existing mortgage balance must not exceed 75% of the current value of your property.

Please be aware our mortgage products can be withdrawn without notice.

    Initial interest Rate 4.94% Variable
    For the remainder of the term of the mortgage, our BMVR currently -
    The overall cost for comparison is 5.1% APRC
    Early repayment charge [2] None
    Overpayments allowed (without an early repayment charge) [3] Unlimited
    Application fee [4] No fee
    Completion fee [4] No fee

    This product maybe portable.

    The APRC is calculated based on the following: An interest only mortgage of £30,000 payable over 20 years on our variable BMVR rate currently 4.94% for the mortgage term would require 233 monthly payments of £169.92 followed by a final payment of 123.56. The total amount payable would be £59,655.16 made up of the loan amount plus interest and CHAPS fee of £6. The interest rates quoted include a 0.25% Direct Debit discount.
    1. The maximum loan size available to first time buyers and interest only customers is £500,000, even where the product maximum is greater than this. The maximum loan size available may also vary subject to other lending criteria (as well as affordability), which will be assessed during your application.
    2. Where no Early Repayment Charge (ERC) applies or the ERC period has expired, unlimited overpayments can be made.
    3. The 10% overpayment allowance is per annum and cannot be rolled over. For full details please see your Mortgage Illustration and mortgage offer.
    4. Fees payable at application are non-refundable. Completion fees paid up front are refundable if completion does not take place.
    5. If your loan has any element of interest only, the maximum LTV allowed is 80% however the interest only part is restricted to 70% LTV. This excludes Buy to Let.
    6. Applications for additional borrowing will only be considered from 6 months after completion of the original mortgage application.
    7. The products shown are those available from Skipton through our Skipton Direct team. These Skipton mortgages may be able to be ported when purchasing a new property.
    8. Monthly payments must be paid in advance by Direct Debit on the 1st of each month. The interest rates quoted include a 0.25% Direct Debit discount. If the Direct Debit is cancelled, the discount will be removed.
    9. All mortgages are subject to status and valuation.
    10. A floor applies to all discounted and tracker products. Unless specifically stated otherwise for a particular product, this floor is 0% i.e. no pay rate will ever be less than 0%.
    11. Certain other feed may apply depending on your circumstances. see our Tariff of Mortgage Charges.
    12. For Buy to Let mortgages, rental income is tested for affordability purposes on 145% of the mortgage interest payment at an interest rate of 5.5% pa.

    APRC - Annual Percentage Rate of Charge
    An indicative guide to help you compare the cost of different mortgage deals, taking account of interest rates payable (both during the initial product period and after) and fees.

    BoEBR - Bank of England Base Rate
    The interest rate at which the Bank of England will lend to the UK banking sector. Set by the Bank’s Monetary Policy Committee (MPC). Also sometimes referred to as the Bank Base Rate (BBR).

    DIP - Decision in Principle
    A means of collecting key information from prospective borrowers to provide an indication as to whether the Society can accomodate their mortgage needs.

    MIL - Mortgage Illustration
    A document which must be provided by all mortgage lenders to prospective customers before a mortgage application is submitted. This includes details of rate payments, fees, charges and features.

    LTV - Loan-to-Value
    The amount of a mortgage loan expressed as a percentage of the value of the property against which the loan will be secured.

    BMVR - Buy to Let Mortgage Variable Rate
    BMVR was introduced on 14 November 2012. This is the variable rate we normally apply after one of our product incentive deals ends. It is a different interest rate to the Society’s Buy to Let Standard Variable Rate (BSVR), although both are set by the Society. These two interest rates may change by different amounts and at different times. The BMVR does not have any ceiling.

    Please see our Mortgages jargon buster for further assistance with mortgage vocabulary.

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    You can speak to a member of our Mortgage team by telephone who will be happy to give you more details about this mortgage and the application process over the phone.

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