A mouth-watering 1.4% fixed deal for 2-years with low upfront costs!
- Published: Tuesday 05 September, 2017
- Category: BTL mortgages
- By: Andrew Pelis
- Updated: Wednesday 13 September, 2017
Take advantage of this LOW 2-year fixed rate at just 1.4% with free valuation!
This is a deal offering you plenty of flexibility with the security of a low fixed rate for the next two years. The product is available for purchase and remortgage – and if you are looking to remortgage you receive the added benefit of a free standard legal service.
This lender also offers a wide choice of repayment methods, including interest only, capital repayment and part and part repayment. Call for more details.
If that was not enough, there is no minimum income requirement from the lender.
For those looking for an even lower fixed rate, this product is also available at 1.28% for two years, with a product fee of £2,495. Give us a call today for more details.
This product is not available to Limited Companies or HMOs.
1.4% 2-year fixed, free valuation
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*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 maximum number of applicants is four.
At least one applicant must be an owner occupier (with or without a mortgage).
No prior buy-to-let experience is required, but at least one applicant must be an owner occupier at the point of application.
The minimum applicant age is 21 years old, the maximum age is 80 years old at the end of the mortgage term.
All applicants must be UK residents
Foreign nationals must be able to produce evidence that they have the right to live and work in the UK. Each applicant will need to have resided in the UK for long enough to ensure we have a meaningful credit score and employment history, which usually means at least three years.
The lender will assess your ability to pay, based on the rental income (which must be received in £GBP).
The rental income must be at least 145% of the monthly interest due inclusive of any product fees added to the loan. This is calculated using an assumed interest rate of 5.5% to cover the eventuality that interest rates might increase in the future.
This product is available in England, Wales, Scotland and Northern Ireland. Different criteria on tenancies is applicable in different countries, as follows:
For England and Wales an Assured Shorthold Tenancy (AST).
In Scotland a Shorthold Assured Tenancy (AST).
In Northern Ireland, a Protected Shorthold Agreement or Uncontrolled letting.
There can by up to four tenants on a single AST (or its equivalent).
Company and housing association let may also be considered but the lender has to approve the tenancy agreements. Call for more details.
This lender will consider a variety of property types subject to criteria. These include the following:
Former council or MOD houses and former work houses or flats; flats and maisonettes above commercial property and mixed use developments and also flat in high rise developments. Please call for more details.
The property has to be in a good state of repair and the lender will consider properties where redecoration work is required.
The lender will need to be sure that you can fund not only the deposit but also the costs of any minor repairs.
The property must be lettable within 60 days, and be suitable for resale within the owner occupier market.
Early Repayment Charges (ERCs) apply for the fixed rate period, however, if you are looking to port this mortgage, the ERCs can be waived.
Mortgage term and loan details:
The minimum mortgage terms is 5 years, the maximum term is 35 years.
The minimum property value is £60,000 (£40,000 for properties located in Northern Ireland).
Minimum loan size £25,001, maximum loan is £500,000 per property for purchases and remortgages.
This information should not be interpreted as financial advice. Mortgage and loan rates are subject to change.