Limited edition 2.14% 5-year fixed buy-to-let deal
This is an opportunity to remortgage without the cost of application fees, or valuation fees, or legal fees!
Furthermore, if you are a lower rate taxpayer the lender offers generous lending terms (see below for more details).
The lender has stipulated that this is a limited edition deal, so do not wait to call us if you are interested.
2.14% 5-yr fixed rate BTL remortgage, no application fee
|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.
Up to two applicants are permitted and both must have been UK residents for the previous three years.
The minimum applicant age is 21-years old and the maximum applicant age is 70 years-old. The maximum age at the end of the loan term is 105-years old, which is a relatively unusual feature with this lender.
The applicant(s) must have owned the property being remortgaged for at least 6 months prior to the application date.
There is no minimum personal income requirement from this lender, but proof of personal income may be requested to support an application.
- If you are employed or retired, you will need to provide a latest payslip or pension statement.
- If you are self-employed, you will need to provide an SA302 form or provide an accountant’s reference.
Rental income will be subject to assessment; for lower rate taxpayers (paying 20% or less), the lender will require you to be able to cover just 125% of the mortgage repayments on an assumed rate of 4.99%. This is lower than many lenders would require. Please note that this only applies if you own less than four buy-to-let properties.
For higher rate tax payers (40% or more), your rental income will be need to be able to cover 145% of your mortgage payments on an assumed rate of 4.99%.
Property location and type
This product is available for properties in England, Wales and mainland Scotland.
Other property types considered: This lender offers a degree of flexibility on property type that you may not enjoy with some other lenders. Please call for more details to see if your property qualifies.
The lender will consider capital raised for non-business purposes including for deposit/purchase of a buy-to-let property and for non-structural home improvements.
Remortgaging your property with no capital raising may require proof of the current mortgage balance.
Houses of Multiple Occupation (HMOs) and tenancy types
Properties occupied by up to 4 tenants on a single Assured Shorthold Tenancy, such as a student lettings are eligible for this deal subject to wider criteria.
HMO applications must meet specific criteria, please call for more details.
The lender will accept applications where tenants are on an Assured Shorthold Tenancy (known as a Short Assured Tenancy in Scotland), for up to 36 months.
There is also flexibility if you operate a Non-Assured Shorthold Tenancy Agreement (which relates to Local authority/Housing Association Tenancy, Corporate Tenancies and private individuals where annual rent is over £100,000) and the lender will consider this if the agreement is up to 36 months.
Loan term, size and property value
The minimum property value is £50,000.
The minimum loan size is £25,001 and the maximum loan is £1,500,000.
Loan term and repayments
The minimum term is 5 years, the maximum term is 35 years.
Early repayment charges apply, but you may make lump sum or regular overpayments of up to 10% of the initial mortgage balance within each 12-month period from the anniversary of completion, without incurring these charges.
This information should not be interpreted as financial advice. Mortgage and loan rates are subject to change.