Buy to Let Mortgages
Minimum Loan:
£15,001 for purchases, £25,001 for remortgages
Maximum Loan:
£500,000 per property for purchases and remortgages
Maximum Total Borrowing:
£2,000,000
Maximum Loan to Value (LTV):
85% (Arrangement fees can be added)
Property:
Minimum Valuation £40,000. We accept ex-Local Authority houses. We do not accept flats or maisonettes built within the last 12 months, or being purchased for the first time since conversion. Houses built within the last 12 months or being purchased for the first time since conversion are acceptable up to 75% LTV. We do not accept shared equity, studio flats, ex-office block conversions, speculatively converted ex-Local Authority blocks, ex-Local Authority blocks of flats with open decking or ex-Local Authority/Public Sector flats where the value is less than £90,000 or the block exceeds 4 storeys in height.
Age:
At least one borrower must be 21 or over
Term:
Minimum 5 years. No maximum
Income Requirements:
Up to and including 75% - None. 75% - 85% - £15,000 p.a. basic income. (self employed accepted)
Maximum Number of Properties:
5
Rental Income Multiples:
Rental income should be equal to or greater than 100% of your monthly interest repayments if the product you have chosen is fixed or capped for 3 years or more. For all other products, the figure used should be 118% of your monthly interest repayment
Overpayments:
You can pay up to 10% of the mortgage balance each year without incurring any early repayment or administration charges. Subject to a minimum payment of £2,000 based on the outstanding balance as at the previous 31st March each year.
This does not apply to flexible products
Use of letting agent:
Not required
Payment Types Accepted:
Repayment, interest only or a combination of both
Tenants:
No holiday homes, lets to family members or Houses in Multiple Occupation (HMOs). Student lets are acceptable (maximum 4 tenants), on Assured Shorthold Tenancy. Department for Work and Pensions tenants are acceptable
Experience:
Evidence of current or previous satisfactory conduct of mortgage (i.e. no first time buyers unless on a joint application with a second time buyer) within the previous 5 years, or outright owners of a existing property
Availability:
Applicants must be second time buyers and be a resident in England, Wales, Scotland or Northern Ireland. Conditions apply
Higher Lending Charge:
Please note that Higher Lending Charges do not apply to Buy to Let mortgages
Free legals for Remortgagers:
If your product is described as ‘No legal fees (for remortgagers only)’ we will pay the fees for remortgages only via our nominated solicitors. Terms and conditions apply, see our General Lending Criteria.
| England & Wales | With Vacant Possession | With Tenanted Possession | ||
|---|---|---|---|---|
| Rates correct at 16/04/2007. Available to all new customers. |
||||
| Purchases | Yes | Yes | ||
| Remorgages | Yes | Yes | ||
| Scotland | With Vacant Possession | With Tenanted Possession | ||
|---|---|---|---|---|
| Rates correct at 16/04/2007. Available to all new customers. |
||||
| Purchases | Yes | No | ||
| Remorgages | Yes | Yes | ||
| Northern Ireland | With Vacant Possession | With Tenanted Possession | ||
|---|---|---|---|---|
| Rates correct at 16/04/2007. Available to all new customers. |
||||
| Purchases | Yes | No | ||
| Remorgages | Yes | Yes | ||