Home Mortgage with Consent-to-Let

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 6.20%

  • 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 7.45% APRC*

*The above APRC is based on a mortgage borrowing amount of £100,000 over 25 years at 6.20% for the first 2 years, increasing to the Bank’s Standard Variable Rate (currently 7.20%) for the remainder of the mortgage.

Current interest rate 6.50%

  • 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 7.33% APRC* across all personal mortgages.

*The above APRC is based on a mortgage borrowing amount of £100,000 over 25 years at 6.50% for the first 5 years, increasing to the Bank’s variable rate (currently 7.20%) for the remainder of the mortgage.

Current interest rate 7.20%

  • 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 7.60% APRC*

*The above APRC is based on a mortgage borrowing amount of £100,000 over 25 years at 7.20%

Current interest rate 6.15%

  • 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 7.21% APRC* across all personal mortgages.

*The above APRC is based on a mortgage borrowing amount of £100,000 over 25 years at 6.15% discounted for the first 3 years, increasing to the Bank’s variable rate (currently 7.20%) for the remainder of the mortgage.

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.

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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.