1.47% 2-year fixed with £500 cashback
If you are concerned about rumours of an interest- rate rise and would like to fix your buy-to-let mortgage repayments, this super 1.47% purchase or remortgage deal could be for you.
This product comes with £500 cashback, which you may wish to use to cover your legal costs, and gives you the option to add the product fee to the loan value on completion.
The lender offers flexibility over the property construction and type, so if your property is non-standard, there may be some leeway (see below for more details).
If you are remortgaging, this must be from another lender.
1.47% 2-year fixed buy-to-let mortgage, £500 cashback
|Product type||Initial rate||Max. Loan to Value||Product fee||*ERC's|
*Early Repayment Charge
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Property type or construction
This lender offers a significant degree of flexibility on property construction types, subject to satisfactory valuation report and valuer comment, so if you have a property constructed from the following you may be eligible for this deal too:
- Prefabricated Reinforced Concrete (PRC)
- In-situ Poured Concrete
- Steel Framed
- Timber Framed
- Craft Techniques and period timber framed dwellings
- Mundic properties
- Modern Methods of Construction (MMC)
Leasehold flats and maisonettes in England, Wales and Northern Ireland will be considered, flats in Scotland must be Absolute Ownership (Heritable) or leasehold.
For full criteria on types of flats and maisonettes that this lender will accept, please speak to our advisors, a summary of some of the points of note are below:
Flats or maisonettes in London, located over commercial property
Unlike many lenders, consideration will be given to applicants regarding properties that are situated above commercial buildings and located in London, but are subject to the valuer’s report and comments.
Traditional tenement flats and maisonettes in Scotland
If you have this type of property located above commercial premises and it is located in Edinburgh, Glasgow, Dundee, Aberdeen, Inverness, Sterling or Perth, this lender will consider your application subject to a valuer’s report and comments.
Flats with external deck or “balcony access”
If your property has been built for the private sector and has an external deck or “balcony access” this lender will consider your application, unless it is a local authority, housing association or Ministry of Defence property.
Converted flats will be considered in blocks up to 10 storeys only (unlimited in some London Boroughs), but are subject to further criteria, speak to your advisor for details.
Minimum age at application is 21 years, the maximum age at the end of the mortgage term is 75 years and 364 days, additional applicant(s) on a jointly named policy must be a minimum of 18 years old.
The minimum term for a buy-to-let mortgage from this provider is 7 years; the maximum term is 25 years.
Maximum loan amount:
Maximum number of applicants:
The maximum number of applicants per application is four, with income and affordability assessed on the income of the two highest earners.
This lender does not accept buy-to-let sole applications from first time buyers. Where the application is in joint names, one of the named parties must have been an owner-occupier of a residential property for at least 6 months.
Affordability and verifying income
Income requirements: Minimum personal income (not including buy-to-let property income) must be £25,000. Where an application is in joint names, the combined income of both individuals is £25,000.
Affordability: This is based upon a rental income of 145% of the mortgage interest, calculated on a notional rate of 5.50%.
- This lender will consider applications from the following types of applicant: Employed, self-employed, contractors or retired, further details regarding verification of income are below:
- Employed: Last two monthly payslips and last P60, or last four weekly payslips and last P60 (if these do not support declared income further evidence may be requested).
- Retired: one of the following. The latest annual pension statement (dated within the last 12 months); your latest two monthly pension slips; latest two monthly bank statements showing pension credits; or latest P60 or HMRC SA302.
- Self-employed: Self-employed applicants should provide the last two years of accounts details, an accountant’s certificate or the last two years of HMRC SA302 forms and the corresponding years Tax Year overview.
- Contractors: if you are on a 6- or 12-month contract your application may be considered, based on fulfilling certain criteria specific to the nature of your circumstances, speak to an advisor for details.
This information should not be interpreted as financial advice. Mortgage and loan rates are subject to change.