Buy-to-Let rate drop from Thursday 13th July 2017
- Published: Thursday 13 July, 2017
- Category: BTL mortgages
- By: Nicola Eaton
- Updated: Monday 17 July, 2017
Save up to 0.30% on initial rate across tracker, fixed rate and HMO buy-to-let mortgages with a leading lender in the marketplace.
What’s more, this lender applies no minimum amount to applicant earnings.
The deals are available for purchase of a new property or remortgage of a property you already own.
A range of deals have been reduced
|Product type||Initial rate||Max. Loan to Value||Arrangement fee||ERC's¹|
|2-year tracker²||Was 1.69%. Now 1.39%||65%||£1,995||For 2-years|
|2-year tracker²||Was 1.59%. Now 1.39%||65%||2.00%||For 2-years|
|5-year fixed²||Was 2.99%. Now 2.89%||65%||Nil||For 5-years|
|5-year fixed²||Was 3.04%. Now 2.89%||75%||£1,995||For 5-years|
|2-year fixed HMO³||Was 3.14%. Now 2.99%||65%||£1,995||For 2-years|
|5-year fixed HMO³||NEW 3.69%||65%||£1,995||For 5-years|
¹ Early Repayment Charge
² Purchase only
³ Purchase and remortgage
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
The tracker rates described are linked to the Bank of England’s base rate plus 1.14%. Be aware that a tracker rate can go up as well as down.
Looking to minimise upfront costs?
If the arrangement fees stipulated above do not fit with your investment strategy, discuss this with the team here. There are alternative options with no arrangement fees, but the initial rate will be higher.
Applicant age: Maximum age at application 70 years
Maximum term: 35 years
First time landlords: Accepted for standard buy-to let products, but not HMO’s. First time landlords must have owned and lived in their own home for at least the last 6 months.
This lender does not look at income other than to understand whether you are a higher or lower rate taxpayer.
Whilst the lender does not require a minimum threshold of personal income from an applicant (which is asked for by some buy-to-let lenders), you may be asked for proof of the income you do receive, especially if you are a first time landlord.
If you are an experienced landlord (defined by this lender as someone who has owned and rented a property for a minimum of 6 months), you will not need to demonstrate your income; for full clarification please discuss this with your advisor.
Eligible income sources include gross earned income, employed or self-employed (excluding bonus, overtime and commission) and pension income.
Houses in Multiple Occupation (HMO)
The minimum property value for HMO’s is £100,000 and maximum loan size is £750,000.
To be eligible for an HMO mortgage with this lender you must have had either 2-years’ experience as a standard buy-to-let landlord or have a years’ experience as an HMO landlord.
There must be no more than seven rooms being let within the property.
For full criteria details and to discuss an application for any of these deals, call our advisors, or:
This information should not be interpreted as financial advice. Mortgage and loan rates are subject to change.