2.89% 2-year fixed buy-to-let - £8 lender fee!
There is little need for encouragement to look at this show-stopping deal, a 2.89% 2-year fixed rate for individual landlords. What stands out most is the low upfront costs – on paper just £8.00 to the lender for the telegraphic transfer of funds.
Our broker fee applies, but everything else is pretty much taken care of – see below for more details and to find out if you qualify for this great deal.
New buy-to-let mortgage deal
|Product type||Initial rate||Max. Loan to Value||Product fee||ERC's*|
|2-year fixed||2.89%||65%||None||For 2 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.
Lender incentives of this deal
Fees: There is no application fee or product fee with this deal from the lender. You will be charged £8.00 for the telegraphic transfer of the mortgage funds. Our broker fee for our work on your behalf will apply, speak to an advisor on the number above for a specific outline of what this will be.
Buying a property: one mortgage valuation, up to a maximum cost of £700.00, will be paid for by the lender to help minimise your costs. A legal team chosen by the lender will do the valuation.
Remortgaging a property: the lender will provide a free mortgage transfer service, for the full details of what this service includes and does not include please speak to one of our advisors on the number above.
Landlord eligibility for this buy-to-let mortgage
A wide range of landlords are able to apply for this deal. You must be investing as an individual though, so this is not for those investing through a limited company or as an expat – but call the team, there are a range of deals available that we can discuss with you.
Your personal income
There is no lower limit on personal income with this lender.
This means that if you are taking a low income from employment (whether full-time or self-employed) or you are taking a small income from a pension or rent, you can apply.
You just need to be able to prove the income that you do receive using the following:
Employed: Most recent P60 and your payslip from last month.
(If a family member or family company employs you, two months bank statements and possible other information may be required)
Contracted personnel: Your latest contract.
Self-employed: Your most recent ‘HMRC Tax Year Calculation’ and ‘Tax Overview’ documents*.
Rental income only: A buy-to-let portfolio document, or, your most recent ‘HMRC Tax Year Calculation’ and ‘Tax Overview’ documents*.
*Your tax documents should be no older than 12 months at application, alternatively documents no older than 18 months with your latest 6 months bank statements can be used.
What type of landlord are you?
Whether experienced or not, this deal is open to you. The lender will accept first time landlords.
You must have already owned a property, which means either another rental property or your own home, to qualify.
Affordability and rental coverage criteria
The rate used to calculate whether you could afford to continue to repay the mortgage, if there was a rate change, is 5.5% with this product.
If your total individual gross income is less than £40,000 and you are a non-taxpayer, or basic rate taxpayer, then the rent you charge will need to be 125% of the amount calculated using the 5.5% rate.
If your total individual gross income is £40,000 or more, or you are a higher or additional rate taxpayer, then the rent you charge will need to be 140% of the amount calculated using the 5.5% rate.
Where is the property?
The lender will accept property in England, Wales, mainland Scotland and on the Isle of Skye.
Don’t miss out!
Keep the initial cost of buy-to-let investment to a minimum; call our advisors to see if this mortgage is a great fit for you or:
This information should not be interpreted as financial advice. Mortgage and loan rates are subject to change.