2.89% 5-year fixed at 75% LTV, suited to non-standard property types
- Published: Tuesday 07 March, 2017
- Category: BTL mortgages
- By: Matthew Bone
- Updated: Tuesday 25 July, 2017
Over half of the lenders on our panel stipulate some level of minimum personal income requirement, usually around £20,000 - £25,000. However, the lender behind the products has no such stipulation, as long as you can evidence income of some description.
This flexibility is suited to a range of individual landlords (not available to limited companies or expats), but especially professionals who accrue income wholly or in part from rent. Other forms of income considered are pension and (subject to additional criteria) guaranteed overtime, bonus and commission.
Speak to our advisors to see whether this product is a good fit for your needs.
5-year fixed rate buy-to-let mortgages
|Product type||Initial rate||Max LTV*||Product fee||ERC's**|
|5-year fixed||2.89%||75%||£1,995||For 5 years|
|5-year fixed||2.39%||60%||£1,995||For 5 years|
*Loan to Value **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.
Evidence of income
Whilst there is no minimum threshold, and income sources are flexible, you will need to evidence those sources using the following:
Latest payslip (handwritten payslips are not acceptable).
Latest tax calculations (SA302s) accompanied by corresponding Tax Year Overviews,
Your latest 2-year’s accounts.
Latest bank statements,
Your last pension statement (must be dated within the last 12 months).
This lender will also accept multiple sources of combined income at application, providing they can be evidenced as per above.
Please note this lender will not accept Housing Benefits or Universal Credit as a source of income.
Flexible property criteria
When it comes to property type, many lenders apply caution where the build is non-standard.
This lender assesses non-standard constructions on individual merit, provided the building is structurally sound. They will consider studio flats (no minimum size requirement on square footage), adjoining property purchases (subject to valuer’s comments), some properties with annexes and many others besides – talk to our team to find out if your property is a fit.
NB. Properties that are not accepted include, amongst others: houseboats, mobile/park homes, Right-to-Buy, shared ownership.
Fixed product fee and generous maximum loan
Both products come with a flat-rate product fee of £1995, as opposed to a percentage of the loan. Which is pertinent for those who are looking at borrowing larger amounts, as irrespective of the amount you borrow; the product fee will not change.
The mortgages in question both have a generous maximum loan size of £1 million.
Mortgage criteria summary
- Available for properties in England, Wales, Scotland and Northern Ireland
- For purchase or remortgage
- Minimum age at application is 25 years old
- Maximum age at end of term is 80 years old
- Not available to ex-pats or limited companies
Apply today with our experts
If you have found yourself falling short of lenders minimum income requirements or have a property that does not fit with other lenders criteria, speak with our team to see if the above products could be of benefit to you:
This information should not be interpreted as financial advice. Mortgage and loan rates are subject to change.