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Buy To Let variable for 2 years

Suitable for first time landlords or portfolio investors. This 2 year variable product requires a minimum 25% deposit.

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This is the maximum amount based on the information you provided. Your mortgage adviser will take you through the application process and will calculate the amount you can afford to borrow based on your income after the deduction of those expenses and commitments. Further restrictions may apply for specialist products.

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 25% 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 mortgage listed below moves on to our Standard Variable Rate, currently 4.9% (variable), after the initial rate period.

Initial
rate i		 Discount from SVR i Overall cost for
comparison i		 Max %
LTV i		 Payment
type i
3.10% 1.80% 4.8% APRC 75% Interest only and repayment options available
See example

Representative example: A mortgage of £135,000 taken out for a period of 19 years on an interest only basis.

Monthly instalments: £348.75 per month for 23 months, followed by £552.72 per month for 204 months.

Total amount payable: £257,343.63

Total amount of credit: £135,000

The total amount payable includes administration fee £125, valuation fee £255, product fee £1,012.50, 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 3.10% 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 75% Loan To Value (LTV). Minimum deposit of 25% 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 0.75% of advance (Minimum £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.
  • Useful stuff

    Tariff of Mortgage Fees

    Mortgage Conditions

How to apply

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mortgages@bibs.co.uk

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