GoGreen Buy to Let Further Advance 3 year discount

  • Initial rate:

    4.15% variable

  • APRC:

    5.7%

  • Maximum LTV:

    75%

  • Early repayment charge:

    Yes

  • Overpayments allowed
  • Portable

Your home may be repossessed if you do not keep up repayments on your mortgage.

Interest rates:

  • During the first 3 years: 4.15% variable (Standard variable rate minus 2.00%)
  • After the first 3 years: 6.15% variable  (Standard variable rate)
  • For comparison purposes: 5.7% APRC

Maximum LTV:

  • 75%

Fees:

  • Existing borrower product transfer application fee: None
  • Valuation fee: If required, this is payable
  • Mortgage exit administration fee (MEAF): £100

Loan size:

  • £2,500 (min) - £39,999 (max) 50% must be used for one or more of the improvements included in the list below.

Features:

  • Overpayments allowed

Early repayment charge:

During 3 year deal:

  • Year 1 - 3% of loan amount
  • Year 2 – 2% of loan amount
  • Year 3 – 1% of loan amount

Overpayments:

During 3 year deal:

  • 20% of loan amount can be paid per year, without charge. 

Representative example:

A mortgage of £375,850 (including an application fee of £850) payable over 22 years initially on our standard variable rate, currently 6.30% with a discount of 2.11% for 36 months giving a current rate payable of 4.19% and then on our standard variable rate, currently 6.30% for the remaining 19 years would require 36 monthly payments of £2,181.57 and 228 monthly payments of £2,580.49.

The total amount payable would be £666,988.24 made up of the loan amount plus interest of £291,038.24 and a MEAF of £100.

The overall cost for comparison is 5.8% APRC representative. Please note this illustration is based on a capital and repayment basis (interest only is also available).


 

 

Who’s eligible to apply?

Available to existing borrowers only. To qualify for a GoGreen BTL Further Advance at least 50% of the funds must be used for one or more of the following improvements:

  • Air source heat pump
  • Ground source heat pump
  • Cavity wall insulation
  • Double/triple glazing and/or replacement windows
  • Installation of an electric car charging point
  • Loft insulation
  • Installation of a wind turbine and/or solar panels
  • Rainwater harvesting
  • Installation of wet underfloor heating systems
  • New condensing boiler

Buy to Let terms:

  • Buying to let can provide you with an income and may bring a return on your capital in the medium to long-term. However, economic change within the UK means demand for rented properties fluctuates, so you should do some research before deciding to enter the buy to let market. 
  • The tenancy agreement must be an assured shorthold tenancy of up to 3 years.
  • We use rental income to assess affordability and you do need to be employed/self-employed, resident in the UK and show that your finances are self-supporting. The rental income from the property must cover 135% of an interest only mortgage payment (125% for basic rate tax payers) based on our stressed rate, currently 6.90%. We ask our valuer to assess the potential rental value of the property when carrying out the mortgage valuation.
  • Each mortgage application is assessed on an individual basis.
  • The property you are buying or refinancing will be used as security for the loan on a first charge basis. 

This product is not a regulated mortgage contract unless the tenant is a relative of the borrower

Fees:

  • If a valuation of the property is required the fee for this is payable in advance and cannot be refunded once the valuation has taken place.
  • A mortgage exit administration fee (MEAF) applies when you repay your mortgage. You may have to pay this if:
    Your mortgage term comes to an end;
    You transfer the loan to another lender; or
    You transfer borrowing from one property to another.

Other charges:

  • Charges applying to the ongoing administration of your mortgage are detailed in our Tariff of Charges leaflet, which you will be given before your mortgage completes. They can also be found on our website. 

Portability:

  • All our mortgages are portable, which means that if you move house within an early repayment charge period the product can be transferred to your new mortgage, up to the value of the product outstanding at redemption, without charge.