Important information about our Buy to Let 2 Year Discount Mortgage

Your investment property may be repossessed if you do not keep up repayments on this mortgage

Available to:

  • New customers for the purchase or remortgage of their investment property only.  
  • Applicant(s) must have a minimum combined income of £20,000 and must own their own residential property or receive sufficient income to support the loan based on standard income multiples (confirmation of income will be required).
  • Applicants must be at least 18 years of age and be UK residents.
  • Houses within England (including Isle of Wight) and 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  • Product Availability:  This product may be withdrawn with little or no notice.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 Buy to Let Mortgage 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:

  • 1.95% 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. 


  • Minimum loan £75,000.
  • Maximum loan £500,000.
  • Maximum loan to value 75% (including any fees added to the loan). Loan to value is your total mortgage amount divided by the purchase price, whichever is the lower.


  • A Booking/Application fee of £199 is payable up front, which is non refundable.
  • A Valuation fee is payable up front by the applicant - 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 two years, then a charge equivalent to 3% of the amount being repaid or transferred will become due except on capital repayments of up to 10%, calculated on the original loan amount, made in any twelve month period from the date of completion.
  • A Mortgage Exit Administration Fee of £125 is payable on full repayment (redemption) of your mortgage.
  • Property Insurance:  Where buildings insurance is not taken out with the Society, an administration fee of £25 is payable prior to completion of the mortgage.  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.
    The Society charges an administration charge of £25 to cover our costs in obtaining and registering details of your new policy and taking out a contingency insurance to protect our interest in the property should your policy be invalidated or cancelled.  No further charge is payable if you change insurer again in the future.  This charge is applied to all mortgage accounts if the customer arranges their own insurance at any time during the period of the mortgage.

Additional borrowing:

  • If you qualify, additional funds may be made available under the Society's Additional Borrowing facility.

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

    Further details are available on request.

Property Rental:

  • The property must be let on an Assured Shorthold Tenancy Agreement for a maximum period of 12 months.
  • Sale and Rent Back agreements are not acceptable.
  • Unacceptable tenancy lets are houses converted into flats, houses in multiple occupation (HMO's) and accommodation for Department of Works & Pensions (DWP) and/or student tenants.  Maximum portfolio - 15 (with or without mortgages)..
  • Rental income must be at least 125% of mortgage interest calculated at the Society's 'Standard Variable Rate.'

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)


  • This product is portable.  This mortgage product is portable which means that you can transfer this product to another buy to let property (subject to terms and conditions) - please see the Buy to Let Discounted Rate Portability page for details.

Your investment property may be repossessed if you do not keep up repayments on this mortgage

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