Buy to Let


A Buy to Let Mortgage is a mortgage specially designed for people who want to invest in the property market by purchasing one or more properties to let out to tenants. We have a small mortgage team which aims to offer a high standard of personal and flexible service; we are known for our flexible approach to underwriting.

Buy To Let Mortgages

Product Name

The overall cost for
comparison is:

Rate structure based
on our Standard
Variable Rate

Availability

Flexibility

Fees

Early Repayment Charges

3 year Buy to Let
1.55% Discount

BDD012

4.8% APRC

3.49% variable for 3 years followed by Standard Variable
Rate, currently
5.04%.

Purchase &
Remortgage
up to 80% Loan To Value (LTV). Minimum deposit of 20% required.

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).

5 year Buy to Let
3.99% Fixed Rate BDF002

4.8% APRC

3.99% fixed for 5 years followed by Standard Variable
Rate, currently
5.04%.

Purchase &
Remortgage
up to 80% Loan To Value (LTV). Minimum deposit of 20% required.

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 to 4 , 2% in year 5 , plus a Closing Administration Fee (currently £100).

 

An example: A mortgage of £175,000 taken out for a period of 22 years on a repayment basis.

Monthly instalments: £999.25 per month for 59 months, followed by £1,082.47 per month for 204 months.

Total amount payable: £281,811.63

Total amount of credit: £175,000

The total amount payable includes product fee £1,312 valuation fee £270, administration fee £125, closing fee £100 and completion fee £75.

This example relates to Product Code BDF002, 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.

For HMO's only

2 year Buy to Let 0.8% Discount
BDD015

5.1% APRC

4.24% variable for 2 years followed by Standard Variable
Rate, currently
5.04%.

HMO
Purchase &
Remortgage
up to 60% Loan To Value (LTV). Minimum deposit of 40% required.

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 (HMO scale)

  • Completion Fee £75.

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

2 year Buy to Let 0.55% Discount
BDD014

5.2% APRC

4.49% variable for 2 years followed by Standard Variable
Rate, currently
5.04%.

HMO
Purchase &
Remortgage
up to 70% Loan To Value (LTV). Minimum deposit of 30% required.

 

An example: A mortgage of £190,000 taken out for a period of 21 years on a repayment basis.

Monthly instalments £1,168.58 per month for 23 months, followed by £1,223.27 per month for 228 months.

Total amount payable: £308,137.90

Total amount of credit: £190,000

The total amount payable includes product fee £1,425, valuation fee £480, administration fee £125, closing fee £100 and completion fee £75.

This example relates to Product Code BDD014, 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. Ask for a personalised illustration.

Lending Criteria and Information

Loan:

Size: Minimum £50,000, Maximum £500,000.
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 or Wales.

Applicant:

Age: Minimum 25, 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 fixed rate for the 5 year fixed rate product; for the discounted product it is the discounted 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.

Valuation Fee Scale

Property Value

Mortgage Valuation

(Excluding HMO's)

Homebuyers Report

up to £150,000

£220

£445

£150,001 -£200,000

£245

£480

£200,001 - £250,000

£270

£515

£250,001 - £300,000

£310

£570

£300,001 - £400,000

£365

£620

£400,001 - £500,000

£420

£680
£500,001 - £600,000

£480

£790

£600,001 - £700,000

£535

£895

£700,001 - £800,000

£595 £1,000

£800,001 - £900,000

£655 £1,105

£900,001 - £1,000,000

£725 £1,210
Over £1m By Negotiation  

Fees include VAT

For HMO's Only

Property Value

HMO's Only

up to £150,000

£450

£150,001 -£300,000

£480

£300,001 - £400,000

£540

£400,001 - £500,000

£595

£500,001 - £600,000

£660

£600,001 - £700,000

£705

£700,001 - £800,000

£810

£800,001 - £900,000

£880

£900,001 - £1,000,000

£930
Over £1m By Negotiation

Fees include VAT

For further information please contact the Mortgage Sales team on 01225 475737 or via email at mortgages@bibs.co.uk

 

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