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Important information about our Buy to Let 2 Year Discount Mortgage

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage

Available to:

  • New customers for the purchase or remortgage of their investment property only.  
  • Applicants to be either employed or self-employed, the main applicant earning a basic income of at least £20,000 and have a residential property.
  • Applicants must be at least 18 years of age and be UK residents.
  • Houses within England or Wales are an acceptable type of security.
  • Unacceptable property types are flats, maisonettes and houses converted into flats.
  • Product Availability:  This product may be withdrawn with little or no notice.
    To ensure funds are reserved it is essential that a loan application form is fully completed and submitted and that any application fee is paid.
  • Purchase/Remortgage will not be acceptable unless the owner/vendor has been registered with the Land Registry for at least six months.

Interest Rate:

  • 1.2% discount off the Society's standard variable rate (currently 5.19%) for 2 years.
  • As interest is calculated on a daily basis, any overpayments you make will immediately reduce the amount you owe and also the amount of interest you pay.
  • The interest rate payable will not fall below 3% at any time during the life of the mortgage. 

 Loan:

  • Minimum loan £75,000.
  • Maximum loan £500,000.
  • Maximum loan to value 75% (including any fees added to the loan).

Fees/Charges:

  • A booking fee of £100 is payable on application (non refundable).
  • An Application fee of £895 will be deducted from the advance.
  • Valuation fee payable up front by the applicant (per scale).  Please note that this is not a survey of the property - please refer to the 'Valuation Fee' section in our Homebuyer's Guide for further details.
  • Early Repayment Charge:  If the mortgage is repaid either in whole or in part, or is transferred to an alternative product, within the first 2 years, then a charge equivalent to 2% of the amount being repaid or transferred will become due.
  • During the product period, no early repayment charge will be incurred in respect of capital repayments of up to 10% of the original loan amount, made in any 12 month period, from the date of completion.
  • A sealing fee/administration fee of £125 is payable on redemption of your mortgage.
  • Property Insurance:  Where building insurance is not taken out with the Society, an administration fee of £25 is payable.  Prior to completion, the Society will need to be satisfied that the insurance cover meets its minimum requirements.  Full details of minimum requirements are available on request.

Additional borrowing:

  • If you qualify, additional borrowing is available under the Society's Further Advance Loan scheme.

    An up front application fee of £100, together with valuation fee (per scale) is payable in respect of additional borrowing.

    Further details are available on request.

Property Rental:

  • The property must be let on an Assured Shorthold Tenancy Agreement.
  • Sale and Rent Back agreements are not acceptable.
  • Unacceptable property types are flats, maisonettes, houses converted into flats, houses in multiple occupation (HMO's) and accommodation for Department of Work & Pensions (DWP) and/or student tenants.  Maximum portfolio - 20 (with or without mortgages).
  • Rental income must be at least 125% of mortgage interest calculated at the Society's product pay rate at time of application.

Deposit Protection Scheme

  • If a deposit is to be paid by the tenant, you must 'sign up' to one of the 3 schemes listed below:-

    -  Deposit Protection Service (DPS)
    -  Tenancy Deposit Solutions Ltd (TDSL)
    -  Tenancy Deposit Scheme (TDS)

Portability:

  • This product is portable.  This mortgage product is portable which means that you can transfer this product to another buy to let property at any time (subject to terms and conditions).

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage

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