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Full Terms and Conditions relating to our Buy to Let 2 Year Discount Mortgage - up to 65% Loan to Value


  • New customers for purchase, re-mortgage, additional borrowing or product transfer of their investment property only.
  • Applicant(s) must have a minimum combined income of £20,000 (confirmation of income will be required).
  • Applicants must be at least 21 years of age and be UK residents.
  • Houses and purpose built flats (subject to lending policy criteria, please ask for further details) within England (including Isle of Wight) and Wales are an accepted type of security. For a list of unacceptable property types please speak to your Mortgage Advisor. 
  • Product Availability:  This product may be withdrawn with little or no notice.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/Re-mortgage will not be acceptable unless the owner/vendor has been registered with the Land Registry for at least six months.
  • Property Insurance:  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.

Interest Rate:

  • 3.39% discount off the Society’s standard variable rate (currently 5.69%) for 2 years.
  • The overall cost for comparison is 5.3% Annual Percentage Rate of Charge (APRC)
  • It should be noted that if the property is empty, you are still required to make the full monthly mortgage repayments.The loan is based solely on the rental income derived from the letting.  Therefore the condition of the property must be satisfactory requiring no essential items of repair.
  • 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.
  • After 2 years the account will change to the Society's standard variable rate, applicable at that time, which will not fall below 3% at any time during the life of the mortgage.
  • 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.


  • Minimum loan £50,000.
  • Maximum loan £1,500,000.
  • Maximum loan to value 65% (including any fees added to the loan).  Loan to value is your total mortgage amount divided by the purchase price or valuation, whichever is lower.
  • Minimum property value £75,000.


  • An application fee of £199 is payable upfront, which is non-refundable, for Product Transfers only this can be added to the mortgage loan, if required. You must positively elect to add the fee to the mortgage loan. Interest will be charged, at the applicable rate, on all fees added to the loan.
  • An application fee of £1,199 is payable for a portfolio Buy to Let application. This can either be paid upfront or be added to the loan, if required. You must positively elect to add the fee to the mortgage loan. Interest will be charged, at the applicable rate, on fees added to the loan.
  • No Early Repayment Charges apply to this product.
  • Free standard mortgage valuation for all purchase, re-mortgage or additional borrowing applications. If a valuation is required in connection with a product transfer then a valuation fee will be payable (per scale)
  • A Mortgage Exit Fee is payable at the prevailing rate on full repayment (redemption) of your mortgage.

Additional borrowing:

  • If you qualify, additional funds may be made available under the Society's Additional Borrowing facility.
    An up front additional borrowing fee of £200 (non-refundable) is payable 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 minimum period of 6 months and a maximum period of 12 months.
  • Sale and rent back agreements are not acceptable.
  • Unacceptable tenancy lets are houses in multiple occupation (HMO's) and/or student tenants.  Maximum portfolio - 20 (with or without mortgages) and a maximum of 6 Buy to Let properties and 1 residential property under mortgage with Leek United Building Society.
  • Rental income must be at least 140% of mortgage interest calculated at an interest rate of 5.5% for purchase or re-mortgage with additional borrowing.
  • For a re-mortgage, with no additional borrowing, rental income must be at least 125% of mortgage interest calculated at an interest rate of 5.5%.

Deposit Protection Scheme

  • If a deposit is to be paid by the tenant then 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)

Representative Example (based on the purchase of an investment property):

The Annual Percentage Rate of Charge (APRC) varies with the circumstances of each mortgage.  Here is a representative example of a loan secured on your investment property:  A mortgage of £168,000.00 interest only (repayment) basis payable over 25 years initially on a discounted variable rate of 2.30% (equal to 3.39% discount off our Standard Variable Rate) for 2 years and then on our Standard Variable Rate (SVR) of 5.69% (variable) for the remaining 23 years you would pay:

1 monthly repayment of £179.97, followed by
24 monthly repayments of £321.40, followed by
276 monthly repayments of £792.96

1 final repayment of £168,000.00

The total amount payable would be £395,089.53 made up of the loan amount of £168,000.00 plus interest (£226,750.53) with an application fee of £199, funds transfer fee of £20 and legal fee of £120.  The overall cost for comparison is 5.3% APRC representative.

Please note: the example above is for an investment property purchase only and assumes a payment date of 1st of the month. If you choose to pay your mortgage later in the month this will affect payments and could result in a higher APRC.  For product transfers, re-arrangement and additional borrowing applications, certain fees do not apply.  Please speak to your mortgage adviser for further details.


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).