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HomeMortgages Already have a mortgage with us? Member Exclusive Buy To Let 2 Year Discount Mortgage D488

Member Exclusive Buy To Let 2 Year Discount Mortgage D488

This discount mortgage could be available to you from 5th February 2021 if you are an existing Darlington Building Society borrower with a Buy to Let mortgage and are wanting to renew your deal. This mortgage is not eligible to new Buy to Let purchases.

With this discounted mortgage you benefit from a reduction in our current standard variable interest rate until 31st July 2023. Until then your payments may increase or decrease as our standard variable rate changes, but a discount of 2.51% applies until the end of the discount period. If you pay off your mortgage during this time, you will pay an early repayment charge of the following tariffs:

2% of the outstanding balance

Before 31st July 2022

1% of the outstanding balance

Before 31st July 2023

There is no standard valuation fee payable. A £215 Additional Borrowing Fee and a £125 re-inspection fee are payable where applicable. Where additional borrowing is above 60%, a £70 Further Advance Reinspection fee is payable by the applicant.

If you think this discounted variable rate mortgage could be for you, carry on reading for more information.

Interest Rate
2.79% until 31.07.2023
For the remainder of the term of the mortgage, changing to our SVR currently
5.3% and remaining on standard variable rate terms for the rest of the mortgage
Overall cost for comparison
4.8% APRC
Fees
£0 Product fee
£0 Account Fee
Key features

£125 re-inspection fee payable.

£215 Additional Borrowing Fee payable where applicable.

£70 Further Advance Reinspection fee payable where applicable.

Capital Repayment basis, Interest Only and Part & Part options.

Up to 75% LTV (excluding any fees added).

Incentives

No product fee.

No account fee.

No standard valuation fee payable.

Insurance

No compulsory insurances.

Eligibility

This mortgage is only available to you if you are buying up to three properties for letting purposes and are an existing borrow with a Buy to Let mortgage and want to renew your deal. - This mortgage is not eligible for new Buy to Let purchases. 

Our mortgages are available to anyone aged 18 or over who meet our conditions. All loans depend on your circumstances and a satisfactory valuation of the property you are buying. Your property will be security for the loan and you may need to provide extra security. You can get a written illustration from any of our branches or from our head office.

Higher lending charge
Not applicable.
Capital repayments
One lump-sum repayment of 10% allowed within the discount rate period.
Early repayment charge
2% of the outstanding balance before 31st July 2022 / 1% of the outstanding balance before 31st July 2023
Portable
No
Notes
How to apply
Do some calculations

Darlington Building Society are required to provide you with Standard Information which is a representative of the current mortgage, which is set out below:

Requirement
Society Example
The total amount of the credit
£126,900
Duration of the contract
25 Years
The duration of the variable period
2 Years and 6 Months
The initial variable rate
2.79%
The amount of the variable rate instalments
£588.01
The number of the variable instalments
30
The frequency of the variable instalments
Monthly
Our Standard Variable Rate (SVR)
5.3%
The duration of the SVR period
22 Years and 6 Months
The frequency of the SVR instalments
Monthly
The amount of SVR instalments
£747.86
The total amount payable
£219,652.50
The total amount of interest payable
£92,663.70
Mortgage exit fee
£90
Product fee
£0
Account fee
£0
The overall cost for comparison
4.8% APRC
Representative example summary

If all or part of your income is in a currency other than Pound Sterling (£), you should be aware about the risks of fluctuations in currency exchange rates. If the value of the relevant currency moves against you by at least 20% then that may make it more difficult for you to afford your mortgage payments.

The Representative Example is based on mortgages sold between 01/01/2018 – 31/12/2018 and if you were to take your mortgage product as at 01/02/2021.

All above information is for illustration purposes only and may vary depending on personal circumstances.

Want to speak to a friendly staff member?

Sometimes it's easier to discuss things face-to-face. All our branches have staff ready and waiting to talk. If you’d like to discuss your options or you think you need help, call in at your local branch.

Branch finder

Alternatively call our enquiries line between:

9am and 5pm Monday to Friday (9:30am and 5pm Tuesday) or
9am and 12pm on Saturday

Our staff will be more than happy to help with any questions or queries

01325 366366

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