Godiva BuytoLet save £2499 on the same rate!

by Neil Patterson

14:13 PM, 12th September 2012
About 8 years ago

Godiva BuytoLet save £2499 on the same rate!

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Godiva BuytoLet save £2499 on the same rate!

Godiva BuytoLet, owned by the Coventry Building Society, have further tweaked their Flexible variable and Flexible fixed products by keeping the interest rate charged the same and removing the fixed arrangement fees.

This is a whole of term flexible BuytoLet product with no early repayment charge and no need to remortgage after a prescribed time thus saving remortgage costs as well as the £2499 arrangement fee. The other product is a Flexible fixed for 2 years with no early repayment charge and no arrangement fee saving £749. Details and Criteria below:

Godiva 4.49% Flexx mortgage for the term of the loan 65% maximum LTV

Early repayment Charges – None

Fees – Arrangement none (used to be £2499), Booking £250 paid on application

Incentives – One mortgage valuation included up to a maximum of £700 and a remortgage transfer service included

Overall cost for comparison – 4.6% APR

Interest cover at 125% of a notional 5% rate means you can borrow 192 times the monthly rental income.

Cost over 5 years interest only for a £100,000 loan not including incentives = £22,700 (assuming the rate stays the same for the period)

Godiva 4.25% Flexx fixed rate until 31.10/2014 with a 65% maximum LTV

Early repayment Charges – None

Fees – Arrangement none and Booking £250 paid on application

Incentives – One mortgage valuation included up to a maximum of £700 and a remortgage transfer service included

Overall cost for comparison – 4.8% APR

Interest cover at 125% of a notional 5% rate means you can borrow 192 times the monthly rental income.

Cost over 2 years interest only for a £100,000 loan not including incentives = £8,750

Godiva Criteria includes:

  • Rental stress testing at 125% of the monthly interest only mortgage payment
  • minimum purchase price or property value £75,000
  • minimum loan amount £25,000
  • minimum personal income £25,000 sole or £30,000 for joint applicants
  • No multiple let properties except for a maximum of 4 students

To discuss a specific Buy to Let deal you can call us on 01603 489118 or email info@property118.com

If you would like to add your own requirements and search for the most popular available Buy to Let products please click here



Comments

Joe Bloggs

13:12 PM, 14th September 2012
About 8 years ago

Godiva 4.49% Flexx mortgage for the term of the loan 65% maximum LTV
is this a BoE tracker?

Mark Alexander

17:21 PM, 14th September 2012
About 8 years ago

I have let Neil know that you've raised this question, sorry I don't know as I've been otherwise engaged all day and Neil wrote both articles.


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