Mortgages

Buy-to-let

Our simple, easy to understand mortgage for buy-to-let properties offers:

  • No arrangement fee
  • No early redemption charges
  • One of the lowest standard variable rates
  • Mortgages of up to 70% loan to value
  • Speak to the same people throughout the processing of your mortgage.

Features of our buy-to-let mortgage 

Current variable rate: From 4.50%*
Minimum loan: £10,000
Maximum loan to value:The maximum loan is 70% of the lower of purchase price or valuation maximum £500,000 (50% for multiple occupancy)
Minimum property value£80,000 subject to property type and location
Income:Minimum income of £25,000 from earned income, pension or rental income from unencumbered properties.
Maximum loan availablerental income must cover 130% of the interest only mortgage payment at the current standard variable rate as confirmed by the Society's valuer.
Residential statusApplicant must own a property in the UK either with or without a mortgage.
Minimum applicant age25 years old
Repayment methods:Repayment or interest-only
Valuation charges at cost (non refundable):
ValueFeeValueFee
<£100,000£150<£450,000£360
<£150,000£180<£500,000£390
<£200,000£210<£750,000TBA
<£250,000£240<£1,000,000TBA
<£300,000£270Re-inspectionTBA
<£350,000£300RevaluationTBA
<£400,000£330
Valuation fees can be paid by cheque, cash or debit card payment Properties outside the Stafford area maybe subject to a higher survey fee, to be agreed at application.
Early repayment charge: NIL
Tie in periods: NIL
Payment holiday fee: NIL
Overpayments: YES - no penalties apply
Underpayments: YES (subject to conditions)
Administration fees: NIL**
Buildings and Contents Cover: Applicants must arrange their own cover to comply with the conditions set out in the offer letter.
Legal fees: See 'FAQs' section

*Interest rate is for single-family unit. Multi-occupancy rate is 4.99%, e.g. students. This is not an APR.
**A charge of £35 for missed payments may sometimes be imposed. A charge of £25 for telegraphic transfers applies.

The Society will be required to carry out money laundering checks in respect of all applicants. A full credit reference check will also be completed on all applicants. Buy-to-let mortgages are not covered by mortgage regulation.

We will assess the affordability of a BTL mortgage based on the expected monthly income generated from letting the property to a tenant. The actual income generated may be different and can be influenced over time by changes within the rental market. You will remain responsible for meeting the costs of your mortgage and the additional costs associated with letting the property for the duration of your ownership.

If you fail to keep up with payments on your mortgage a ‘receiver of rent’ may be appointed and/or your rental property may be repossessed.

Call us on: 01785 223212*