Our simple, easy to understand mortgage for buy-to-let properties offers:
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 available rental income must cover 130% of the interest only mortgage payment at the current standard variable rate as confirmed by the Society's valuer. Residential status Applicant must own a property in the UK either with or without a mortgage. Minimum applicant age 25 years old Repayment methods: Repayment or interest-only Valuation charges at cost (non refundable): Value Fee Value Fee <£100,000 £150 <£450,000 £360 <£150,000 £180 <£500,000 £390 <£200,000 £210 <£750,000 TBA <£250,000 £240 <£1,000,000 TBA <£300,000 £270 Re-inspection TBA <£350,000 £300 Revaluation TBA <£400,000 £330 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.