Privacy & Security Policy for more information about how we
collect and use data. Standard BTL Products
Our Standard range of buy-to-let mortgages are available for an individual or Limited Company when purchasing or remortgaging a property that is NOT classed as Specialist, as part of a single or portfolio application. New Build Standard properties can be considered. From a product point of view, New Builds form part of our Specialist Range and we have bespoke products available for them.
Summary details of our Standard range are outlined below. Please check our
Product Range document to see our current product and interest rate deals.
Plus – don’t miss our new
Spring Specials range of 5 year fixed products.
Term Minimum Loan Term – 5 Years. Maximum Loan Term – 35 Years . Loan Minimum Valuation – £75,000. Minimum Loan Amount – £50,000. Maximum Loan Amount – £1.5m to 70% and £1m to 75% LTV.
NB – The maximum LTV for portfolios with aggregate loans of more than £2,000,000 is 70%. We may require proof of the source of deposits.
Product options 2 and 5 Year Fixed rate products. Range of initial rates, fees and BBR-linked reversion rates. Credit Status No missed mortgage or secured loan payments in the last 12 months and no more than 1 missed payment in last 24 months. No defaults registered within the last 24 months. No more than 1 month in arrears and no defaults on unsecured loan or Credit Card payments in last 24 months and no arrears in last 6 months. Max 1 CCJ up to £250 in the last 3 years (0 in the last 12 months). Must be satisfied. Please refer to our Underwriting Guide for further details of our credit criteria. Applicant(s) Individuals and Limited Companies set up as SPVs. Maximum number of applicants – 4. Minimum age – 21. Maximum age – 95 at end of mortgage term. Armed forces may apply – see specific conditions in our Underwriting Guide. Landlord Experience At least one applicant must have owned and still own at least one property (residential or buy to let) for a minimum of 12 months. Employed – must be in permanent position for at least 6 months and not under notice of termination. Self Employed & Contractors – One full years evidence of income from accounts or accountants certifi cate or SA302 together with a tax-year overview. Affordability Lower rate taxpayers or Like for Like remortgages, 125% ICR based on higher of payrate +2%, reversion rate or 5.5%. For 5 year fixed rates 125% ICR based on product rate. Higher rate taxpayers, 140% ICR based on higher of payrate +2%, reversion rate or 5.5%. For 5 year fixed rates 140% ICR based on product rate. Limited Company – 125% ICR based on higher of payrate +2%, reversion rate or 5.5%. For 5 year fixed rates 125% ICR based on product rate.
NB – New Build ICRs are the same as the non-New Build equivalent for Individuals and Limited Companies.
Property Lender must have a first charge over the property. England and Wales only (excluding Channel Islands and Isle of Man). Freehold or leasehold. Overpayments Up to 10% of the outstanding balance can be repaid in any 12 month period without incurring an Early Repayment Charge. Fees