Buy to Let


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 Buy To Let where the applicant owns no other investment properties.

Product Name

The overall cost for
comparison is:

Rate structure based
on our Standard
Variable Rate

Availability

Flexibility

Fees

Early Repayment Charges

2 year Buy to Let
2.25% Discount
BDD023

4.8% APRC

2.65% variable for 2 years followed by Standard Variable
Rate, currently
4.9%.

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 0.75% of advance (Minimum £999)

  • Administration Fee £125

  • Valuation Fee (BTL scale)

  • Completion Fee £75.

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

3 year Buy to Let
2.05% Discount

BDD024

 

4.7% APRC

2.85% variable for 3 years followed by Standard Variable
Rate, currently
4.9%.

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 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).

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

Monthly instalments: £298.13 per month for 23 months, followed by £552.53 per month for 204 months.

Total amount payable: £256,140.61

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 2.25% discount for two years product (BDD023), 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. 

Lending Criteria and Information

Loan:

Size: Minimum £50,000, Maximum £1,500,000 at 70%
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 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 the case will depend on your clients circumstances and our assessment of the risk.

Procuration Fees:

We will pay an uncapped procuration fee of 0.35% of the amount borrowed to directly authorised and regulated intermediaries on completion of the mortgage. Where the intermediary is an Appointed Representative, the fee will be paid to the Principal. In the event of a change of Principal for any reason, the fee will be paid to the firm responsible for the information or advice at the time the sale was made.

Please contact the Intermediary Sales team to discuss your requirements by calling us on 01225 475702 or by email at intermediaries@bibs.co.uk