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Holiday Let 2 Year Discounted Variable Rate Mortgage
Take advantage of a discount for 2 years
Fees
Based on the information you've provided the fees you would have to pay are:
£ application fee
which is payable at the time of application and is non-refundable
There are no completion fees to pay
£ product switch fee
which can be paid upfront or added to the loan (if added to the loan we'll charge interest on the fee during the term of the loan)
£ Further advance 'completion' fee
which can be paid upfront or added to the loan (if added to the loan we'll charge interest on the fee during the term of the loan)
A valuation isn't normally required for a product switch.
If you want to do more than a product switch, like change your LTV it might be best to have a new valuation, take a look at our guide for more information.
When borrowing additional funds you may require a revaluation if the value of your property has changed since you originally took your mortgage out with us.If substantial changes have been made to your property you may require a full standard valuation, take a look at our guide for more information.
£ for a standard valuation or £ for a standard valuation and homebuyer survey
For the purpose of the mortgage you'll only need to pay for a standard valuation. Valuation fees are payable at the time of application and are non-refundable. For more information about the different types of valuations and surveys, why we need it and what we use it for take a look at our guide
£ for a standard valuation or £ for a standard valuation and homebuyer survey
For the purpose of the mortgage you'll only need to pay for a standard valuation. Valuation fees are payable at the time of application and are non-refundable. For more information about the different types of valuations and surveys, why we need it and what we use it for take a look at our guide
Early repayment charges
These are the charges that will apply to your mortgage if you want to overpay or repay early.
Can I make overpayments?
While in your discounted rate term you can make overpayments of up to 10% of your mortgage balance during every 12 month period without having to pay an early repayment charge.
This 10% overpayment allowance is calculated using the balance of your mortgage at the time it completes. Each 12 month period starts on the anniversary of your mortgage completing.
If you choose a new mortgage deal with us at any point we’ll use this balance and date to calculate your overpayment allowance.
Any amount repaid over 10% of your mortgage completion date balance will incur an early repayment charge equal to:
- 1% of the excess overpayment in year one
- 1% of the excess overpayment in year two
What if I want to repay early?
If you switch your loan to another lender, a different mortgage deal with us, or repay it in full before the end of the discounted rate term, you’ll have to pay an early repayment charge equal to:
- 1% of the outstanding balance in year one
- 1% of the outstanding balance in year two
What if I want to switch my Holiday Let mortgage to another property?
During the term of your Buy to Let mortgage you can’t transfer the balance and remaining term of the mortgage to a new property.
What happens at the end of my discounted rate deal?
At the end of the discounted rate term, your mortgage will revert to our Buy to Let Variable Rate Mortgage and you’ll pay our Buy to Let Variable Rate for the remainder of the mortgage term. We’ll write to you when your discounted rate comes to an end to provide you with details of our Buy to Let Variable Rate Mortgage.
Eligibility
Before we agree your mortgage we’ll need to establish that you can afford to meet the monthly payment.
This mortgage is available on Holiday Let properties located in England and Wales.
This mortgage is available for Holiday Let purchases, remortgage, product switch and additional borrowing.
Holiday Let mortgages will be considered on a case by case basis.
Rental income must be at least 140% of the monthly mortgage interest payment based on a rate of 6.99%.
Features
- If you borrow up to 80% of the property’s value, the maximum loan size is £1,000,000.
Please note
- Buy to Let Mortgages for business purposes are not regulated by the FCA.
- The property must be a let on an Assured Shorthold Tenancy (AST) agreement. Our normal requirements are for a minimum term of six months and a maximum term of one year.
- We regret that we’re unable to lend on Houses in Multiple Occupation (HMOs).
- Each individual borrower will be limited to a maximum portfolio size of ten Buy to Let properties with The Cambridge Building Society. The total portfolio must not exceed £4,000,000 of borrowing.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
What‘s next?
You can book an appointment with one of our mortgage advisers, or if you‘ve just got some initial questions you can request a call back from our contact centre team.
We will only use the information you have provided for the purpose of your mortgage enquiry.