Buy To Let Mortgage is designed to provide 'the mortgage alternative' to conventional buy to let mortgages.
| Key Features | |
| Available for new purchases, refinancing and releasing additional capital | Up to 75% maximum finance to value. Rent Rate = 5.49% (Bank of England Base Rate + a margin of 4.99%). |
| Finance Amount | |
| Minimum Property Value | |
| Term | 7 - 30 years. |
| Maximum number of applicants | Two applicants. |
| Minimum age of applicants | 25 Years. |
| Rent Reviews | Rent reviews in March, June, September and December. New rent rate effective from 1st April, 1st July, 1st October and 1st 1st January. |
| Margin | The bank reserves the right to change the margin on its products however, a cap applies of 2%. This means that the bank cannot increase the margin on its BTLPP product by more than 2% over the margin that applied at the outset. You will be given at least 30 days advance notice of any changes in the pricing structure. |
| Settlement | Customer has the option to sell the property at anytime without any penalties (subject to an administration fee to cover any costs). |
| Conditions for eligibility | Rental income to be 125% of monthly BTL finance payment. Applicants can only have a maximum of 5 BTL properties including the one they intend to purchase. One of the applicants needs to already be a homeowner and must have been for at least 12 months. |
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