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Buy to Let mortgages from the Friendlier Face of Finance

Full Terms and Conditions relating to our Regulated Buy to Let 5 Year Fixed Rate Mortgage Product - up to 65% Loan to Value

Available to:

  • New customers for the purchase or remortgage of their Buy to Let property only. Existing customers for additional borrowing or product transfer of their Buy to Let property only.
  • Applicant(s) must have a minimum combined income of £20,000 (confirmation of income will be required).
  • Applicant(s) must be at least 21 years of age and be UK residents.
  • Houses and 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 adviser. 
  • Purchase/Remortgage will not be acceptable unless the owner/vendor has been registered with the Land Registry for at least six months.
  • Product Availability:  This product may be withdrawn with little or no notice.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.
  • 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:

  • 2.40% fixed until 30 September 2025.
  • Overall cost for comparison is 4.4% 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.
  • Completion must take place on or before 30 September 2020. Please note that if your mortgage does not complete by the 30 September 2020, you will not benefit from the fixed rate period quoted.
  • As interest is calculated on a daily basis, any overpayments you make will immediately reduce the amount you owe and the amount of interest you pay.
  • At the end of the fixed rate period the rate will revert to the Society’s Standard Variable Rate applicable at that time which will not fall below 3.00% at any time during the life of the mortgage.

* The actual rate available will depend upon your circumstances. Ask for a personalised illustration.


  • Minimum loan £50,000.
  • Maximum loan £1,000,000.
  • Minimum property value £75,000.
  • 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, whichever is the lower.


  • Early Repayment Charge:  If the mortgage is repaid either in whole or in part, or is transferred to an alternative product, before 30 September 2025 then an early repayment charge will apply.  This charge will be based on; 5% of the outstanding loan if the mortgage is repaid before 30 September 2021, 4% of the outstanding loan if the mortgage is repaid before 30 September 2022, 3% of the outstanding loan if the mortgage is repaid before 30 September 2023, 2% of the outstanding loan if the mortgage is repaid before 30 September 2024 and 1% of the outstanding loan if the mortgage is repaid before 30 September 2025. Capital repayments, which are not subject to the above early repayment charge, can be made of up to 10% of the original loan amount (original transfer amount if variation) in any 12 month period from the date of completion.
  • A product fee of £1,000 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.
  • One 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). Please refer to the tariff of mortgage charges leaflet for further details. 
  • 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 using the Society’s Additional Borrowing facility. An additional borrowing fee of £200 is payable upfront, which is non refundable, in respect of any additional borrowing. Further details are available on request.

Property Rental:

  • The property must be let on an Assured Short-hold 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 5.50% for a purchase or re-mortgage with additional borrowing. On portfolio Buy to Let cases this applies at both portfolio level and for each individual loan.
  • For a re-mortgage with no additional borrowing rental income must be at least 125% of mortgage interest calculated at an interest rate of 5.50%.

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)

Representative Example (based on the purchase of 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 £116,000.00 on an interest only basis payable over 25 years initially on a fixed rate for 5 years fixed at 2.40% and then on our Standard Variable Rate (SVR) of 5.19% (variable) for the remaining 20 years you would pay:

1 monthly repayment of £7.61, followed by

60 monthly repayments of £231.55, followed by

240 monthly repayments of £499.60

1 final repayment of £116,000.00

The total amount payable would be £249,944.61 made up of the loan amount of £116,000.00 plus interest (£133,804.61) a funds transfer fee of £20 and legal fee of £120.  The overall cost for comparison is 4.4% 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 (subject to terms and conditions). A portability fee is payable at the time of porting the mortgage at the prevailing rate.

This product sheet should be read in conjunction with our “Homebuyers Guide” booklet, “Buy to Let Fixed Rate Portability Sheet” and the “Statement of Practice – Borrowers” booklet. For other charges, which may apply, see our “Tariff of Mortgage Charges”.

Caution: Before investing in the residential lettings market there are many costs and risks to be considered and appropriate professional advice should be obtained. The Society's provision of Buy to Let funding does not endorse the viability of any residential property investment.