Buy to Let


If you have a client you think may benefit from our flexible service, please call us on 01225 475702 to discuss the details. We will email you the application forms and all the other documentation you will need. There is no need to register with us to use this service. 

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).

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).

 

An example: A mortgage of £147,000 taken out for a period of 19 years on a repayment basis.

Monthly instalments: £885.60 per month for 35 months, followed by £990.89 per month for 192 months.

Total amount payable: £223,024.38

Total amount of credit: £147,000

The total amount payable includes product fee £1,102.50, valuation fee £245, administration fee £125, closing fee £100 and completion £75.

This example relates to Product Code BDD012, 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

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
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).

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
BDD
014

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).

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).

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:

Calculation dependant on applicants taxable income.  For a basic rate tax payer, rent to cover 125% of interest at pay rate +2% or a higher rate tax payer 145% of interest at pay rate +2%, but never less than 5.5% for both.

A like for like remortgage where no addtional borrowing in taking place, can be calculated at 125% of pay rate regardless of the applicants taxable income.

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

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

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.

For further information please contact the Mortgage Sales team on 01225 475702 or via email at intermediaries@bibs.co.uk