Representative example: A mortgage of £196,000.00 taken out for a period of 40 years on a repayment basis.
Monthly instalments: £990.25 per month for 23 months, followed by £1,188.47 per month for 36 months, and finally £1,321.88 per month for 420 months.
Total amount payable: £622,134.27
Total amount of credit: £196,000.00
The total amount payable includes a valuation fee of £285.00 , a product fee of £999.00 and a closing fee of £100.
The overall cost for comparison is 7.5% representative APRC.
This example is based on our Rent a Room (100% LTV) , 2 year fixed mortgage. It is based on our current Standard Variable Rate of 7.79% with no fees added to the mortgage.

Please ask for a personalised illustration for your own particular requirements.

• Availability – Purchase up to 100% Loan To Value (LTV). Minimum deposit of 15% required without collateral security.
• Flexibility – Overpayments up to 20% of the capital balance as at 1st January are allowed in each calendar year without penalty.
• Portable.

If you repay your mortgage early, or make an overpayment, you may have to pay an early repayment charge.

For full repayment of a 5 year fixed product, you will pay 3% of the outstanding balance in years 1, 2, 3 & 4; 2% in year 5, plus a Closing Administration Fee (currently £100).

For overpayments of a 5 year fixed product, you will pay 3% on any amount exceeding your 20% limit in year 1, 2, 3 & 4, 2% in year 5.

For full repayment of a 2 year fixed or discounted product, you will pay 3% of the outstanding balance in the first year and 2% in the second year, plus a Closing Administration Fee (currently £100).

For overpayments of a 2 year fixed or discounted product, you will pay 3% on any amount exceeding your 20% limit in the first year and 2% in the second year.

• Valuation fee.
• Product fee £999.

Rent A Room Lending Criteria and Information

The amount we will lend will depend on the value of the property and a calculation based on earned income, rental income and expenditure. As a guide, we will take gross annual income (not including rental income) and then apply a deduction for the annual amount paid towards any existing debts or other financial commitments. We apply a multiplier of up to 4x and apply a rental coverage assessment from letting a room in the property to cover up to an additional 4x income. Only one tenant can be assessed and the expected rental income will be based on an independent assessment.

These multiples are for guidance only and do not guarantee that we will lend the amount indicated. We will carry out a full assessment of your income and expenditure to ensure that you can afford your mortgage both now and in the future.

We recommend that borrowers take tax advice.