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.
Suitable for first time landlords or portfolio investors. This 2 year variable product requires a minimum 25% deposit.
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:
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. |
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.
Loan: | Size: Minimum £50,000, Maximum £1,500,000 at 75%. Term: Minimum 5 years, Maximum 40 years. Repayment Type: Capital Repayment, Interest Only. |
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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. |
Tariff of Mortgage Fees
Mortgage Conditions