Please note, these terms only apply if the property is to be used as an investment, holiday or retirement home. If the property is to be used, or is currently used as a main residence (i.e. more than 40% “owner occupied”), separate terms and conditions may apply.
Commercial loans on other types of property, e.g. shops, bars hotels, offices etc., are possibly available on a case by case basis, assuming a full business plan is provided.
Proof of income is required for loans up to 89%, and can be made up of earned income, pension, investment or rental income. However, it is not always the case that the lender will take all or part of these incomes into account when determining the maximum loan available.
Self-certification mortgages up to 85% are possibly available (taking only the rental income received from the designated property into account), or up to 80% with no type of income proof.
Current Interest rate in Sterling is from approximately 0.5% above LIBOR with full proof of income. Higher rates apply if based on rental income only, or with no proof of any income. Other capped, discounted and fixed rate schemes may be available on request.
Example UK Mortgage:
Repayment mortgage of £100,000 over a period of 25 years at a variable interest rate of approximately 5.75%, equals: approximately £637.00 capital and interest per month, therefore a total approximate amount payable over term of £192,100 including capital, interest, arrangement and survey fees.
Mortgage details:
- Maximum term 25 years
- £50,000 minimum loan, no maximum
- Loans available in Sterling and all other major currencies including Euros, US Dollars, Swiss Francs and Yen, noting that for loans other than Sterling, income must be in the relevant currency, and the maximum loan is 70%
- Repayment and Interest Only mortgages available