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Buy To Let 3.49% fixed for five years
A Buy To Let, five year fixed rate mortgage on your first investment property or add to your portfolio.
With years of experience under our belt we can cater for aspiring first time landlord to portfolio investors. Our personal approach to mortgages allows us to assess each case individually on its own merits. This product requires a minimum 30% deposit and our loans range from £50,000 - £1.5 million.
Our flexible approach allows us to cater on a consumer BTL 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.
|SVR (standard variable rate)||Overall cost for comparison||Max %
|3.49%||4.9%||4.6% APRC||70%||Interest only|
Representative example: A mortgage of £190,000 taken out for a period of 19 years on an interest only basis.
Monthly instalments: £552.58 per month for 59 months, followed by £778.57 per month for 168 months.
Total amount payable: £355,466.98
Total amount of credit: £190,000
The total amount payable includes administration fee £125, valuation fee £340, product fee £1,425, completion fee £75 and closing fee £100.
The overall cost for comparison is 4.6% representative APRC.
This example relates to the Buy To Let 3.49% fixed for five 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.
- Availability - Purchase & Remortgage up to 70% Loan To Value (LTV). Minimum deposit of 30% required.
- Flexibility - Overpayments up to 20% of the capital balance as at 1st January allowed in each calendar year without penalty.
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 years 1, 2, 3 & 4; 2% in year 5, plus a Closing Administration Fee (currently £100).
For overpayments, you will pay 3% on any amount exceeding your 20% limit in year 1, 2, 3 & 4, 2% in year 5.
- Product Fee 0.75% of advance (Minimum £999).
- Administration Fee £125.
- Valuation Fee (BTL scale).
- Completion Fee £75.
Lending Criteria and Information
Size: Minimum £50,000, Maximum £1,500,000 at 70%.
Minimum Value: £100,000. Must be standard construction.
Age: Minimum 21, no maximum, subject to income in retirement.
Household income must be at least £20,000.
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.
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.
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