Buy to Let


A Buy to Let Mortgage is a mortgage specially designed for people who want to invest in the property market by purchasing one or more properties to let out to tenants. We have a small mortgage team which aims to offer a high standard of personal and flexible service; we are known for our flexible approach to underwriting.

Buy To Let Mortgages

Product Name

The overall cost for
comparison is:

Rate structure based
on our Standard
Variable Rate

Availability

Flexibility

Fees

Early Repayment Charges

3 year Buy to Let
1.55% Discount

BDD012

4.8% APRC

3.49% variable for 3 years followed by Standard Variable
Rate, currently
5.04%.

Purchase &
Remortgage
up to 80% Loan To Value (LTV). Minimum deposit of 20% required.

Overpayments up to 20% of the capital
balance as at 1st January allowed in each calendar year without penalty.
Portable.

  • Product Fee 0.75% of advance (Minimum £999)

  • Administration Fee £125

  • Valuation Fee (BTL scale)

  • Completion Fee £75.

3% in years 1 & 2, 2% in year 3, plus a Closing Administration Fee (currently £100).

 

An example: A mortgage of £147,000 taken out for a period of 19 years on a repayment basis.

Monthly instalments: £885.60 per month for 35 months, followed by £990.89 per month for 192 months.

Total amount payable: £223,024.38

Total amount of credit: £147,000

The total amount payable includes a product fee £1,102.50, valuation fee £225, administration fee £125, closing fee £100 and completion fee £75.

This example relates to Product Code BDD012, is based on a typical mortgage and assumes that fees are not added to the mortgage. Please ask for a personalised illustration for your own particular requirements.

For HMO's only

Buy to Let Lifetime Standard
Variable Rate
3 year Tie in

BDV004

5.3% APRC

Standard Variable
Rate, currently
5.04%, for the life of the mortgage.

HMO
Purchase &
Remortgage
up to 70% Loan To Value (LTV).

Overpayments up to 20% of the capital
balance as at 1st January allowed in each calendar year without penalty.
Portable.

  • Product Fee 1.0% of advance (Minimum £999)

  • Administration Fee £125

  • Valuation Fee (HMO scale)

  • Completion Fee £75.

3% in years 1 & 2, 2% in year 3, plus a Closing Administration Fee (currently £100).

An example: A mortgage of £146,828 taken out for a period of 19 years on a repayment basis.

Monthly instalments £1,004.69 per month for 228 months.

Total amount payable: £230,247.91

Total amount of credit: £146,828

The total amount payable includes product fee £1,468.28, valuation fee £265, administration fee £125, closing fee £100 and completion fee £75.

This example is based on a typical mortgage and assumes that fees are not added to the mortgage. Please ask for a personalised illustration for your own particular requirements.

We have no current plans to withdraw these products but they may be withdrawn without notice. Ask for a personalised illustration.

Lending Criteria and Information

Loan:

Size: Minimum £50,000, Maximum £500,000.
Term: Minimum 5 years, Maximum 40 years.
Repayment Type: Capital Repayment, Interest Only.

Property:

Minimum Value: £100,000. Must be standard construction.
New build flats may be considered. Must be in England or Wales.

Applicant:

Age: Minimum 25, no maximum subject to income in retirement.

Income:

Household income must be at least £20,000

Rental:

Calculation dependant on applicants taxable income.  For a basic rate tax payer, rent to cover 125% of interest at pay rate +2% or a higher rate tax payer 145% of interest at pay rate +2%, but never less than 5.5% for both.

A like for like remortgage where no addtional borrowing in taking place, can be calculated at 125% of pay rate regardless of the applicants taxable income.

Underwriting:

We take a flexible approach to underwriting and will consider each case on its merits. We do not credit score. The actual rate and APRC for your case will depend on your circumstances and our assessment of the risk.

Valuation Fee Scale

Property Value

Fee - BTL

Fee - HMO

Property Value

Fee - BTL

Fee - HMO

up to £100,000

£125

£200

£500,001 - £600,000

£475

£713

£100,001 -£150,000

£190

£285

£600,001 - £700,000

£525

£788

£150,001 - £200,000

£225

£310

£700,001 - £800,000

£600

£900

£200,001 - £250,000

£265

£398

£800,001 - £900,000

£700

£1,050

£250,001 - £300,000

£300

£410

£900,001 - £1,000,000

£800

£1,200

£300,001 - £400,000

£340

£510

0ver £1m

Refer

Refer

£400,001 - £500,000 £400 £600

Fees include VAT

For further information please contact the Mortgage Sales team on 01225 475737 or via email at mortgages@bibs.co.uk