Ask us your question

Need help?

Buy to Let mortgages Terms and Conditions

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


  • 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.
  • Not available for Portfolio landlords.
  • 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  • Product Availability: This product may be withdrawn with little or no notice.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:

  • 1.87% Fixed until 31 March 2026.
  • Then changing to our Standard Variable Rate (SVR) currently 5.19% variable.
  • Overall cost for comparison is 4.3% 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.
  • Completion must take place on or before 31 March 2021. Please note that if your mortgage does not complete by the 31 March 2021, 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 Valuation £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 31 March 2026 then an early repayment charge will apply. This charge will be based on; 5% of the outstanding loan if the mortgage is repaid before 31 March 2022, 4% of the outstanding loan if the mortgage is repaid before 31 March 2023, 3% of the outstanding loan if the mortgage is repaid before 31 March 2024, 2% of the outstanding loan if the mortgage is repaid before 31 March 2025 and 1% of the outstanding loan if the mortgage is repaid before 31st March 2026. 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.
  • An application fee of £100 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.
  • A product fee of £1,395 is payable. 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, remortgage 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.


  • You will receive cash back of £400 on completion of your mortgage. Not available for product transfers or additional borrowing.

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 Buy to Let portfolio – 3 (with or without mortgages).
  • Rental income must be at least 140% of mortgage interest calculated at an interest rate of 5.50% for a purchase or remortgage with additional borrowing. On portfolio Buy to Let cases this applies at both portfolio level and for each individual loan.
  • For a remortgage 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 a Non-portfolio 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 £250,000.00 on an interest only basis payable over 25 years initially on a fixed rate for 5 years fixed at 1.87% and then on our Standard Variable Rate (SVR) of 5.19% (variable) for the remaining 20 years you would pay:

1 monthly repayment of £12.81, followed by
60 monthly repayments of £388.99, followed by
240 monthly repayments of £1,076.75
1 final repayment of £250,000.00

The total amount payable would be £533,407.21 made up of the loan amount of £250,000.00 plus interest (£281,772.21) with an application fee of £100, product fee of £1395, a funds transfer fee of £20 and legal fee of £120. The overall cost for comparison is 4.3% 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. If you change your investment property, this mortgage product may be transferred to your new investment property (subject to terms and conditions. A portability fee is payable at the time of porting the mortgage at the prevailing rate) – please see our 'Buy to Let Fixed Rate Portability Sheet' at the bottom of this page for details.
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.

Mortgage IllustrationThis product page does not contain all of the details you need to choose a mortgage. Please speak to your Mortgage Adviser who will provide you with a mortgage illustration, which will detail all the features of a particular mortgage. Please make sure you read the mortgage illustration before you make a decision on your choice of mortgage product.

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.

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