Standard BTL Products

Our Standard range of buy-to let mortgages are available to a Private Individual or Limited Company when purchasing or remortgaging a single property, providing this is NOT a House In Multiple Occupation (HMO), a Multi-Unit Freehold Block (MUFB), New build or Flat above Commercial premises. Details of our Standard products are summarised below.

For the full range of information including details of our latest product rates, please refer to our full Product Range.

Term
  • Minimum Loan Term – 5 Years.
  • Maximum Loan Term – 35 Years .
Loan
  • Minimum Valuation – £75,000.
  • Minimum Loan Amount – £50,000.
  • Maximum Loan Amount – £2,000,000 @ 75% LTV.
  • Maximum Loan Amount – £1,500,000 @ 80% LTV.

NB – The maximum LTV for portfolios with aggregate loans of more than £2,000,000 is 75%.  We will require proof of the source of deposits.

Product options
  • 2, 5 and 7 Year Fixed rate products.
  • Range of initial rates, fees and LIBOR 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 more than 1 month in arrears 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.
  • Non lower 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.
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
  • A non-refundable application fee applies on all products.
  • Product fees may be required.

Important points

  • LIBOR rate will be re-set on a quarterly basis, (March; June; September and December) with the ‘rate effective date’ being the first of each of these months.
  • The LIBOR rate will determined one day prior to the ‘rate effective date’ (subject to Bank Holidays and Weekends) using three month GBP ICE LIBOR rate.