Set at a certain level above the Bank of England base rate and then moves in line with it for a set period.
For information on the benefits, and to see if you’re eligible for a C&G Buy-to-Let mortgage, see our considerations section.
Because the property isn’t your main home, this type of mortgage is not regulated by the FSA. However, the same principles of good lending practice are applied to all mortgages with the aim of providing the same high standards of service.
Please note that these deals can be withdrawn at any time.
For loans of between £25,005 and £1,000,000, and up to 60% of the property purchase price or valuation, whichever is lower
| Initial rate | Followed by our Buy-to-Let variable rate, currently | The overall cost for comparison is | Product fee | Early Repayment Charges |
|---|---|---|---|---|
|
||||
| 4.49% (variable) Tracks at 3.99% above the bank rate until 31 August 2014 | 4.84% for the remainder of the term | 5.0% APR | £995 |  Yes until 31/08/14
|
Please check the date the rate tracks until as depending on when your loan starts, it may not be exactly two years - it may be slightly more or slightly less.
In addition to the specific information that will be taken into account in agreeing a mortgage or additional borrowing, such as the value of your property and your income, there are some other general points that currently apply to all C&G mortgages which you need to know about:
Within six months of your C&G mortgage starting:
If you’re borrowing 75% or less of the property’s value, you can arrange your mortgage, or part of it, on an interest-only basis.
The table below shows some of the fees you may need to pay when you apply for a C&G mortgage. To find out which fees may apply to you please speak to one of our mortgage experts.
| Fee | Amount | Brief description |
|---|---|---|
| Mortgage account fee | £265 | You may need to pay this fee which covers the setting up, routine maintenance and closing down of the mortgage account. It is fixed and cannot be changed without your agreement. The fee will be paid on completion out of part of your loan but interest will not be charged on this part of the loan. Part of each monthly payment you make will be used to repay the mortgage account fee so that it is repaid over the term of your mortgage. |
| Application fee | £99 | You may need to pay this non-refundable fee if you're buying a new property, moving to a C&G mortgage from another lender or are an existing C&G or Lloyds TSB mortgage customer borrowing more. |
| Product fee | As shown in the Overview tab | With some of our mortgage deals there's a product fee to pay, with others there isn't. Usually, there's a choice, and you can get a lower rate in return for paying a fee or no fee and a higher rate. Where a product fee applies, it will be added to your new mortgage. You can then pay the fee off if you want to, or leave it on your mortgage to spread the cost. If you pay it off within 30 days of the start of your mortgage, no interest will be charged on it. If you leave it on your mortgage, interest will be charged on it as part of your main mortgage. |
| Valuation fee | Dependant on property value | Payable if you're buying a new property or, if your loan is for £500,001 or more and you are moving to a C&G mortgage from another lender. |
| Transfer of funds fee | £35 | You may need to pay this non-refundable fee for the transfer of money when your mortgage starts if you're buying a property, switching your mortgage from another lender, or are an existing C&G or Lloyds TSB mortgage customer borrowing more. |
For more information, view the full list of Fees & charges.
An early repayment charge applies during the tracker period. This means you will face a charge if you repay or change more than 10% of the loan's capital balance (as at 1 January) in any one year. As a current concession, you can repay up to 10% each year without the charge applying (unless you go on to repay or change the rest of the loan within the next six months). The charge varies depending on how long you have left on your tracker rate - see the table below.
| Repayment Period | Charge (% of amount repaid or changed) |
|---|---|
| Before 01/09/13 | 3% |
| 01/09/13 - 31/08/14 | 2% |
Your loan will switch to the Buy-to-Let Variable Rate, which at that time, could be higher or lower than the rate you will have been paying and may vary over the remaining term of your mortgage.
You can take out a maximum of three Buy-to-Let mortgages or borrow up to a total of £2 million with the Retail Division of Lloyds Banking Group.
For each property you could borrow between £25,005 and £1,000,000, up to a maximum of 75% of the value of the property (65% for new-build properties). If you want to borrow more than £1,000,000, please call 0800 028 0639 or visit your local branch.
If the amount you want to borrow will give you a total mortgage borrowing of more than £500,000 with Lloyds Banking Group, your sole or joint income (excluding rental income) before tax must be at least £50,000.
To qualify for a Buy-to-Let Mortgage, the maximum amount you can borrow is worked out in the following way:
If you'd like to do this, we'll need to be satisfied that the expected rental income for the buy-to-let property will cover the ongoing mortgage payments adequately. To find out more, please call us on 0800 028 0639 or visit your local branch.
Below is a list of items you may need handy when you apply:
