A Selection of Buy To Let Mortgages Criteria

Buy To Let Mortgages Criteria 2

Main features

Buy-to-Let Mortgages for individuals and limited companies

Maximum LTV 85% (full status)

Non Status scheme for overseas applicants, including expatriates

Capital drawdown available with easy access for additional funds for any legal purpose up to a maximum 85% LTV† (full status) and 70% LTV (non status).

A rental income required of at least 125% of the monthly mortgage payment on an interest only basis

Finance for an unlimited number of properties.

Flexible payments through a special facility

Professional lettings and management service available

Online DIPs and applications available

Automated decisions in principle within 30 seconds giving credit score decisions

Real time case tracking

Quick and simple process for building buy-to-let portfolios

The Buy-to-Let mortgage Key criteria points

Minimum purchase price is £70,000 for properties within the M25.

Full status

Minimum loan: £25,001

Maximum loan: LTV 85% £450,000

LTV 75% £450,001 = £550,000

LTV 70% £550,001 = £1million

Non status (for overseas applicants)

Minimum loan: £25,001

Maximum loan: LTV = 70% £500,000

Capital drawdowns

We will underwrite you at the start of your mortgage for the maximum amount we are prepared to lend. If your loan is less than the amount we have underwritten, you can access the difference. The difference is the drawdown amount. If your property increases in value, additional funds may be available after the first six months, subject to further checks. We charge a fee for this facility. For most customers it will be based on the completion fee. The minimum drawdown is £5,000.

You can make overpayments to reduce the amount on which you are charged interest. You can then use this fund of overpayments to make lower monthly payments or take payment holidays. The minimum you can overpay is £25, rising in multiples of £5. The maximum you can overpay is the same amount as your monthly mortgage payment. You can overpay for as long or short a period of time as you like

General

Minimum age: 21 years
Maximum age: 85 years at end of mortgage term
Minimum term: 5 years
Maximum term: Repayment 25 years, Interest only 45 years

Employment history

Applicants must be Employed, Self employed or receiving pension. A full 3 years employment history is required.

Purpose of loan

House purchase or Re-mortgage/debt or loan consolidation – can consolidate any legal debts or loans up to 85% (70% non status)

Acceptable forms of tenancy agreements

AST/letting to a limited company for an employee (Maximum term 12 months), letting direct to a local authority/housing association (Maximum term 5 years). Acceptance will be subject to specific criteria. In all cases the rent must be paid monthly.

Rental cover

The rental income required on individual properties is 125% of the monthly mortgage payment, although where the rate is fixed for 5 years or more the rental income need only exceed 120% of the monthly mortgage payment. Mortgage payments are calculated on an interest only basis using the appropriate fixed or discounted rate.

Porfolio Lending

To help you continue to build your portfolio of properties the normal £2m maximum total lending can be exceeded subject to specially approved credit lines. To apply for a credit line you will need to complete an application form and meet the underwriting requirements. Typically you need to have held loans with the mortgage lender for one year and prove a minimum income of £60,000.

Portability

This is not available on this lender's Buy-to-Let mortgages.

Buy To Let Mortgages Criteria 1
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Buy To Let Mortgages Criteria 5