Buy To Let variable for 2 years

Suitable for first time landlords or portfolio investors. This 2 year variable product requires a minimum 20% deposit.

Get an idea of how much you can borrow with our affordability calculator. The calculator will work out the maximum amount you could borrow by using a 5 year fixed rate to calculate the highest mortgage possible. Where a 5-year fixed rate is not available, the lowest rate will be used, stressed at +2%. Please contact the team to discuss your specific circumstances.

With years of experience under our belt we can cater for aspiring first time landlords to portfolio investors. Our personal approach to mortgages allows us to assess each case individually on its own merits. This product requires a minimum 20% deposit and our loans range from £50,000 – £1.5 million.

Our flexible approach allows us to cater on a consumer buy to let basis, which can include any of the following scenarios:

When a family member has occupied or will occupy the property
The property was inherited, and the applicant owns no other investment properties
A Let To Buy where the applicant owns no other investment properties.

The mortgages listed below move on to our Standard Variable Rate, currently 4.9% (variable), after the initial rate period. There may be a limit on how low your interest rate can fall. This is called an ‘interest rate floor’. The interest rate floor applicable to your loan will be specified in your loan documentation.

Initial rate i	Discount from SVR i	Overall cost for comparison i	Max % LTV i	Payment type i
2.75%	2.15%	4.8% APRC	80%	Interest only and repayment options available
See example
Representative example: A mortgage of £130,000 taken out for a period of 18 years on an interest only basis. Monthly instalments: £297.92 per month for 23 months, followed by £532.07 per month for 192 months. Total amount payable: £240,563.60 Total amount of credit: £130,000.00 The total amount payable includes administration fee £125, valuation fee £255, product fee £999, completion fee £75 and closing fee £100. The overall cost for comparison is 4.8% representative APRC. This example relates to the Buy to Let 2.75% variable for two years product, 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.

Key features
- Availability – Purchase & Remortgage up to 80% Loan To Value (LTV). Minimum deposit of 20% required.
- Flexibility – Overpayments up to 20% of the capital balance as at 1st January allowed in each calendar year without penalty.
- Portable.
Early repayment
If you repay your mortgage early, or make an overpayment, you may have to pay an early repayment charge.
For full repayment, you will pay 3% of the outstanding balance in year 1 & 2% in year 2, plus a Closing Administration Fee (currently £100).
For overpayments, you will pay 3% on any amount exceeding your 20% limit in year 1 & and 2% in year 2.
Product fees
- Administration fee £125.
- Valuation fee (BTL scale).
- Product fee £999.
- Completion fee £75.

Lending criteria

Lending Criteria and Information

Loan:	Size: Minimum £50,000, Maximum £1,500,000 at 75%. 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, Wales or mainland Scotland.
Applicant:	Age: Minimum 21, no maximum, subject to income in retirement.
Income:	Household income must be at least £20,000.
Rental:	The calculation is based on the actual or expected rental. Rent must cover 125% of the ‘stressed mortgage payments’ for basic rate tax payers, or 145% for higher rate tax payers. The stressed mortgage payment is based on the product rate +2% or 5.5% whichever is higher.
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.

Proc fee
We will pay a gross procuration fee of 0.35% on all introduced business. The fee is usually paid within five working days following completion. Procuration Fees may vary for our recognised Clubs & Packagers.
Useful stuff
Tariff of Mortgage Fees
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Mortgage Conditions
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