2.99% 5-year fixed excellent borrowing terms for Limited Companies
- Published: Wednesday 23 August, 2017
- Category: BTL mortgages
- By: Andrew Pelis
- Updated: Thursday 24 August, 2017
A product with real Limited Company and individual appeal thanks to borrowing terms at a hugely competitive rate of 2.99%!
This 5-year fixed buy-to-let is available to Limited Companies on fantastically competitive borrowing terms which will require Limited Companies to prove they can cover 125% of the monthly mortgage repayment, or 145% for individuals.
The 2.99% fixed-rate is based on a maximum loan to value of 65%; there is another tier to this product which offers a 3.59% 5-year fixed rate on a loan to value of 75% (see details below).
This product is available for purchase or remortgage of a residential investment property.
This lender also offers flexibility for employed and self-employed applicants, with no minimum income or proof of term requirements. Consideration is also given to UK residents working overseas in certain circumstances (read more below).
A 5-year fixed interest rate of 2.99% on a 65% loan to value for Limited Companies
|Product type||Initial rate||Max. Loan to Value||Product fee||ERC's|
|5-year fixed||2.99%||65%||2%||For 5-years|
|5-year fixed||3.59%||75%||2%||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.
A maximum of 2 applicants is allowed, unless the application is from a Limited Company, when up to 4 Directors can be named.
At least one applicant must be 21 years old, the maximum age is 85 years old for individual applications, but there is no maximum age for Limited Company applicants.
Individual applicants must not be a first-time buyer, however, this may be possible in the case of joint applications, where at least one applicant must have prior experience. In the case of limited companies, one of the directors must not be a first-time buyer.
Applicants must have been a UK resident for the previous three years and the lender will require evidence of this and identity.
However, there are a number of exceptions, and consideration will be given to members of HM Armed Forces either currently serving or who have served overseas during the past three years; members of the British Diplomatic Corps who are presently or have been on foreign postings and also to employees of UK-based businesses, who have been working in overseas offices during this three year period.
There is no minimum term of employment or self-employment.
Applicants must demonstrate income; for employed applicants this must be last month’s payslip; for the self-employed last year’s accounts or an SA302.
Any retired applications must provide evidence of their pension income in the form of a pension income statement or payslip.
Any income derived from trust funds, investment or rental income must be proven by means of an SA302 or an income statement.
Where no such proof of income is available, bank statements, showing activity over the last three months, will be accepted for underwriting purposes.
All bank statements must be from a UK bank account.
Use of loan
You may be able to raise capital funds for future residential buy-to-let property investment or refurbishment.
Property type and location
The tenure can be Freehold or Leasehold with an unexpired lease (already in existence) term of no less than 50 years at the end of the mortgage term.
The lender will give consideration to a variety of property types subject to meeting criteria, please call for more information.
This product is only available in England and Wales.
Loan amounts and terms
Loans are available from £50,000 to £500,000.
The minimum property value is £75,000.
The terms of the product is between 5 and 30 years.
This information should not be interpreted as financial advice. Mortgage and loan rates are subject to change.