2.83% 5 year fixed buy-to-let with £500 cashback!
- Published: Wednesday 02 August, 2017
- Category: BTL mortgages
- By: Nicola Eaton
- Updated: Friday 04 August, 2017
This terrific 5-year fixed buy-to-let mortgage comes with a generous rate drop and is now available to landlords at the supremely competitive rate of 2.83% (was previously 2.89%).
This product is for standard buy-to-let purchases and remortgages, with up to 75% loan to value. It includes £500 cashback and the £99 application fee has been temporarily waived.
Landlords have the additional flexibility of making overpayments of up to 10% of the outstanding balance per calendar year without incurring penalties.
Rates drop delivers competitive 2.83% fixed 5-year buy-to-let
|Product type||Initial rate||Max. Loan to Value||Product fee||ERC's*|
|5-year fixed||2.83%||75%||£1995||For 5-years|
*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.
The product fee of £1995 is just one fee option from a range of others offered on mortgages by this lender; the fee can be added to the loan. Lower fixed sum fees or options where the fee is a percentage of the loan amount may be of greater benefit to you, depending on your property value.
The rate and loan to value varies according to the fee option you choose, so discuss the best combination of rate and fee with your advisor.
Applicant age: 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.
Minimum/maximum term: The minimum term for a buy-to-let mortgage from this provider is 7 years; the maximum term is 25 years.
Maximum loan amount: £1 million.
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.
Experience: This lender does not accept buy-to-let applications from first time buyers. Applicants 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. This applies to applications in joint names, which must meet a combined minimum income of £25,000.
Affordability: This is based upon a rental income of at least 145% of the mortgage interest, calculated on the higher of either the lenders buy-to-let variable rate or the product rate.
Special criteria for flats
This lender offers a significant degree of flexibility on flats and maisonettes, within specific areas. See details 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 valuers 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 valuers 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. Local authority, housing association or Ministry of Defence properties are not accepted.
Converted flats will be considered in blocks up to 10 storeys only, but are subject to further criteria, speak to your advisor for details.
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.
Discuss an application today with our specialist advisors:
This information should not be interpreted as financial advice. Mortgage and loan rates are subject to change.