Home Mortgage with Consent-to-Let
Looking for a home to let now and live in later?
- Your future UK home, for letting now.
- Fully owned by you.
Full Ownership
If you’re in full-time Christian ministry, you may have been provided with accommodation owned by your church. Whilst this is a great provision now, you might be considering where you’ll live in the future.
Home Mortgages with Consent-to-Let enable the borrower to buy a property that they intend to live in at a later stage and let it out in the meantime. This provides an opportunity to invest your money now in a secure home for the future.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Case study
Mark is a vicar in Kent, where he and his family live in the church’s vicarage. Conscious that he and his wife will need a home to retire to in the future, they wanted to purchase a property close to extended family which they could rent out while they lived in the vicarage. A Home Mortgage with Consent-to-Let from Kingdom Bank helped them to do exactly that. Now, they receive a small amount of income from tenants, as well as having a home that they look forward to moving into when the time comes.
*Story based on the experiences of real customers. Names and places have been anonymised.
Interest rates
Current interest rate 5.60%
- Available to borrowers where loan-to-value is less than 75% and affordability is above 150%
- Rate fixed for 2 years.
- Additional arrangement fee of £600.
- The overall cost for comparison is 6.90% APRC*
*The above APRC is based on a mortgage borrowing amount of £100,000 over 25 years at 5.60% for the first 2 years, increasing to the Bank’s Standard Variable Rate (currently 6.70%) for the remainder of the mortgage.
Current interest rate 5.80%
- Available to borrowers where loan-to-value is less than 75% and affordability is above 150%.
- Rate fixed for 5 years.
- Additional arrangement fee of £600.
- The overall cost for comparison is 6.71% APRC* across all personal mortgages.
*The above APRC is based on a mortgage borrowing amount of £100,000 over 25 years at 5.80% for the first 5 years, increasing to the Bank’s variable rate (currently 6.70%) for the remainder of the mortgage.
Current interest rate 6.70%
- Available to borrowers where loan-to-value is less than 80% and affordability is above 150% for owner-occupiers and 110% for Buy-to-Let.
- This rate is managed by Kingdom Bank and is reviewed monthly.
- Borrowers are given 14 days’ notice of any changes in the interest rate payable.
- The overall cost for comparison is 7.06% APRC*
*The above APRC is based on a mortgage borrowing amount of £100,000 over 25 years at 6.70%
Current interest rate 5.65%
- Available to borrowers where loan-to-value is less than 75% and affordability is above 150%.
- This rate is managed by Kingdom Bank and is reviewed monthly.
- Borrowers are given 14 days’ notice of any changes in the interest rate payable.
- This discounted rate is available for the first three years of the mortgage, after which point it will revert to the Standard Variable rate.
- The overall cost for comparison is 6.74% APRC* across all personal mortgages.
*The above APRC is based on a mortgage borrowing amount of £100,000 over 25 years at 5.65% discounted for the first 3 years, increasing to the Bank’s variable rate (currently 6.70%) for the remainder of the mortgage.
How to apply
To see whether Kingdom Bank could provide you with a mortgage, please complete the form below. One of our friendly Christian mortgage team will be in touch to discuss your plans.
You can also call us on 0115 921 7280 to discuss your enquiry.
Your property may be repossessed if you do not keep up repayments on your mortgage.
