Abbey 3yr 7.04% Fixed BTL LTV 75% Direct only Mortgage Features & Benefits
(currently displaying summary information only)| Feature / Benefit | Summary | Details | |||
|---|---|---|---|---|---|
| Application Criteria: | |||||
| Available in Branch Only |  | no | not just available in branch. | ||
| Existing Customers Only | | no | This mortgage is not just available to existing customers | ||
| Existing Borrowers Only | | no | This mortgage is not just available to existing borrowers. | ||
| Remortgage Only | | no | This is not just available for remortgages. | ||
| First Time Buyers Only | | no | This mortgage is not just available to first time buyers. | ||
| Available Via a Broker Only | | no | Available direct. | ||
| Minimum Deposit | | 25% | 25% | ||
| Maximum Age | | 85 years | The maximum age is 85 years. | ||
| Minimum Age | | 21 years | The minimum age is 21 years. | ||
| Minimum Income | | £25,000 | Applicants who are not professional landlords must have a minimum non-rental income of £25,000 pa for one Buy to Let held with Abbey. For each additional...expand | ||
| Available Direct | | yes | This product is available direct from the provider. | ||
| Rates: | |||||
| Initial Rate APR | | 7.04% | 7.04% | ||
| Repayment Basis | | interest only mortgage payment | Rental cover is calculated on an interest only basis using the current pay rate (or the Standard Variable Mortgage rate whichever is higher). | ||
| Initial Rate End Date | | 02 Mar 2013 | 02 Feb 2013 | ||
| Final Rate | | 4.24% | The standard variable rate is 4.24% | ||
| Mortgage APR | | 6.4% | 6.4% | ||
| Fixed Rate End Date | | 02 Mar 2013 | Fixed until 02/03/2013 | ||
| Fixed Rate Term | | 36 months | 36 months. | ||
| Rate Type | | fixed | The product rate type is fixed. | ||
| Frequency of Interest Calculations | | daily | Interest is calculated daily | ||
| Suitability: | |||||
| Mortgage Type | | Buy To Let | Buy To Let | ||
| Repayment Mortgage | | yes | yes | ||
| Interest Only Mortgage | | yes | yes | ||
| Endowment Mortgage | | yes | yes | ||
| Maximum LTV | | 75% | 75% | ||
| Maximum Advance Per Property | | £500,000 | The maximum advance per property is £500000 | ||
| House Purchase Max LTV | | 75% | The maximum loan to value for house purchase is 75% LTV 75% to £500,000 | ||
| Remortgage | | yes | This product is available for remortgage. | ||
| Remortgage Max LTV | | 75% | The maximum loan to value for remortgage is 75% LTV 75% to £500,000 | ||
| First Time Buyers | | no | This product is not available to first time buyers. | ||
| Existing Borrowers Moving Home | | yes | This product is available for existing borrowers moving home. | ||
| Existing Borrowers Not Moving Home | | no | This product is not available for existing borrowers not moving home. | ||
| Homemover | | yes | This product is available for house purchase. | ||
| Shared Ownership | | no | Not available for shared ownership. | ||
| Right to Buy | | no | Not available for right to buy. | ||
| Earned Income Allowed | | yes | Earned income is allowed. | ||
| Portfolio Buy to Let | | no | Not a buy to let portfolio product. | ||
| Maximum Overall Portfolio Value | | £5,000,000 | Maximum portfolio loan is £5000000 | ||
| Student Lets | | yes | Student Lets are considered, maximum of 3 tenants. | ||
| Let to Buy | | no | Not available for let to buy. | ||
| Holiday Lets | | yes | Holiday homes are considered, the property must have been a holiday let for at least 3 years. | ||
| Restrictions: | |||||
| Maximum Term | | 30 years | The maximum term is 30. | ||
| Minimum Term | | 5 years | The minimum term is 5 years. | ||
| Rental Income Required | | 125% | Minimum rental income 125% | ||
| Maximum Number of Properties | | Unlimited | Landlords with up to 15 properties no restriction on number mortgaged to Abbey. Landlords with more than 15 properties, Abbey exposure limited to 15 plus 20% of excess. | ||
| Incentives: | |||||
| Legal Fees Contribution | | no | No legal fees incentive available. | ||
| No Higher Lending Charge | | yes | No higher lending charge payable. | ||
| Facilities: | |||||
| Portable Mortgage | | yes | The product is portable. | ||
| Flexible Payments | | no | No flexible options available. | ||
| Overpayments Available | | yes | Up to and including 10% of the loan may be repaid each year without penalty. Minimum £500. | ||
| Payment Holiday | | no | Payment holidays are not available. | ||
| Fees & Charges: | |||||
| Application Fee £ | | varies | £2,499 booking fee payable.
£225 mortgage account fee payable upon completion or deferred until redemption. (The fee is fixed, does not incur interest,...expand | ||
| Application Fee Added to Loan | | yes | The booking fee can be added to the loan. | ||
| Early Repayment Charge | | yes | There is an early redemption charge payable. | ||
| Early Repayment Charge Amount | | 3% | ERC - 3% of outstanding amount repaid until 02/04/2013. | ||
