Flexx for Term BTL, was 2.54%, now 2.05%
- Published: Tuesday 21 November, 2017
- Category: BTL mortgages
- By: Andrew Pelis
- Updated: Tuesday 06 February, 2018
This variable rate buy-to-let includes not only a massive rate cut, but a host of other terrific features:
There is no minimum income requirement.
Available on purchase or remortgage, with no early exit fees and you have the option to switch without penalty.
You can make unlimited overpayments and, if you keep to 65% loan to value (LTV), you may be able to secure additional borrowing at the same rate.
This deal comes with free standard valuation (up to £700) and (where applicable) a free remortgage transfer service!
If you have a bigger deposit, take advantage of a 1.85% rate at 50% loan to value.
2.05% Flexx for Term BTL at 65% loan to value
|Product type||Initial rate||Max. Loan to Value||Product fee||*ERC's|
|Flexx for Term||2.05%||65%||£1,999||None|
|Flexx for Term||1.85%||50%||£1,999||None|
*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.
This lender offers flexibility on some construction types, so if your building is not standard brick walls with tiled roof, call us to discuss eligibility.
New build houses will be considered, subject to meeting criteria. New build, or recently converted apartments, flats, or coach houses may be eligible subject to a maximum of 50% loan to value (applying to the 1.85% product above).
Flats situated above shops will be considered, depending on the nature of the business below.
The lender will consider applications for ex-local authority and ex-housing association flats up to a maximum of five storeys, but these must not have an external deck or ‘balcony access’ and are subject to other criteria. Call us for more details.
You can own up to ten rental properties in mortgage, across all lenders; however, further criteria will apply if you own more than four.
You can own a property with up to four tenants on a single Assured Shorthold Tenancy agreement. This can be for a minimum of 6 month or a maximum term of 36 months. Where the tenancy exceeds 12 months, a DCLG (Department for Communities and Local Government) tenancy agreement must be in place; most lenders will only consider a maximum of 12 months.
The lender will consider licensed HMO properties in Scotland, but not elsewhere.
A maximum of four applicants is permitted.
All applicants must be aged 18 years-old or over, and must not be older than 75 years-old at the date of application.
Applicants must not be older than 85 years-old at the end of the mortgage term.
Proof of income
Whilst there is no minimum income requirement, applicants may still need to demonstrate their income, acceptable income types:
- Employed (including Limited Liability Partnerships which are paid via PAYE, or zero hour contracts)
- Contractors (including zero hour contracts)
- Self-employed (including sole traders, partnerships, Limited Liability Partnerships and sub-contractors)
- Rental income
Your advisor will go through any documentation required.
Mortgage term and loan details
The maximum loan term is 35 years.
The minimum loan size is £25,001, maximum loan is £500,000 for purchases and remortgages.
For the 1.85% rate at 50% loan to value, the maximum loan size is £1 million.
This information should not be interpreted as financial advice. Mortgage and loan rates are subject to change.