A Selection of Buy To Let Mortgages Criteria

Buy To Let Mortgages Criteria 3

For first time landlords, the maximum loan is 85% but up to 90% LTV available for an additional 1% fee, which may be added to the loan.

For first time landlords ONLY, at least one applicant must have a minimum income of £50,000.

All products available as repayment, interest only, or a combination of the two

10% capital repayment allowance per annum with no early repayment charge on all products

Where fees are added to the loan, interest will be charged

Interest charged monthly

Loan to Value

Multiple Property Landlords (Portfolio of 2 or more properties):

Maximum loan to value across portfolio held with The mortgage company 90%. Where more than one property is held, rentals and Loan to Value ratios can be aggregated up to the limits above. Should a multiple property landlord wish to purchase or remortgage a single property to The mortgage company, the evidence of portfolio ownership is required (e.g. completion statement combined with a current rental agreement).

Loan To Value Limits (purchase or remortgage)
90% for loans up to £500K
85% for loans up to £750K
80% for loans up to £1 million
70% for loans up to £1.5 million

90% available for an additional 1% arrangement fee, which may be added to the loan.

Rental Cover

2 Year Products - 120%
3 Year Products - 115%
5 Year Products - 110%
Rental cover now based on pay rate for all fixed rate products

Rental cover now based on pay rate plus 0.50% for all tracker products

Rental income now non-status to 70% LTV

100% rental cover available on all 3 and 5 year fixed rate products for an additional 1% arrangement fee, which may be added to the loan (N.B. 100% rental cover not available at 90% LTV)

Rental cover on 2 year fixed product with extended ERCs only is calculated on the revert to rate BBR + 1.99% (currently 6.99%)

Foreign Nationals

We will only lend to individuals normally residing in the UK.

Others

Minimum loan is £25,001 and the maximum overall loan is £5 million (all loans over £1.5million must be assessed individually). The minimum property value is £60,000 (including all individual properties in a portfolio, regardless of its aggregate value)

All new mortgage loans are only available to new customers and existing mortgage borrowers moving home.

All mortgage loans are subject to status and this may affect the range of mortgage products available to you.

All applicants must be aged at least 21 or over and must have resided in the UK for at least three years with a right to permanent residency.

Loans can only be secured on properties within the UK and for residential mortgages your home (and in some cases additional security) will be used as security for the loan.

All mortgage interest rates quoted on this site are for mortgage loans with a maximum overall advance of £1.5 million for Status Plus, £600,000 for Self Certification and £5 million for Buy to Let that comply with the Company's lending criteria. The minimum loan is £25,001 and this applies to all products.

All monthly mortgage payments must be made by direct debit.

On interest-only mortgages, the mortgage debt may be repaid by making regular contributions to a suitable repayment vehicle. Such contributions will be payable to the appropriate life company in addition to the interest to the mortgage company. Failure to maintain payments to the repayment vehicle may result in insufficient funds being available to repay the mortgage debt. The mortgage company accepts no responsibility for the suitability of the repayment vehicle or its performance.

The mortgage company strongly recommends that suitable arrangements are made to repay the mortgage debt or monthly payments in the event of premature death or incapacity of any party to the mortgage. Contributions / premiums will be payable to the life company concerned in addition to the amount of repayment due in respect of the mortgage interest.

Buildings insurance must be taken out with our mortgages, and this is payable by the customer. Alternatively, the Company will arrange cover under its own block policy at the customer's expense. For customers arranging their own buildings insurance an initial administration fee is payable.

Other fees relating to the ongoing administration and conduct of accounts are also payable.



Buy To Let Mortgages Criteria 1
Buy To Let Mortgages Criteria 2
Buy To Let Mortgages Criteria 4
Buy To Let Mortgages Criteria 5