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Full Terms and Conditions relating to our Buy to Let 5 Year Fixed Mortgage - up to 75% Loan to Value


  • Existing borrowers for product transfer, re-arrangement, additional borrowing applications and existing borrowers transferring their investment mortgage to a new investment property.
  • 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 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  • Product Availability:  This product may be withdrawn with little or no notice.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:

  • 2.80% fixed until 28 February 2025
  • The overall cost for comparison is 4.9% Annual Percentage Rate of Charge (APRC)*
  • Completion must take place on or before 29 February 2020. Please note that if your mortgage does not complete by the 29 February 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 also the amount of interest you pay.
  • At the end of the fixed rate period the rate will revert to the Society’s SVR applicable at that time which will not fall below 3% at any time during the life of the mortgage.

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

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.


  • Maximum loan £1,000,000.
  • Minimum Property Value is £75,000
  • 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.


  • No Application Fee is payable for product transfers. An ‘Account Review’ offering the following facilities is available at no extra cost (when taken at the time of the product transfer), subject to terms and conditions and the Society’s Responsible Lending Policy:-
    - Change of mortgage term
    - Change of method of repayment.

If you are an existing borrower transferring your investment mortgage to a new investment property and wish to apply for this product to fund your new Buy to Let purchase, an up-front application fee of £200 will be payable.

  • 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)
  • Early Repayment Charge:  If the mortgage is repaid either in whole or in part, or is transferred to an alternative product, before 28 February 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 28 February 2021, 4% of the outstanding loan if the mortgage is repaid before 28 February 2022, 3% of the outstanding loan if the mortgage is repaid before 28th February 2023, 2% of the outstanding loan if the mortgage is repaid before 29 February 2024 and 1% of the outstanding loan if the mortgage is repaid before 28 February 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 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 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 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 accommodation for (Department of Works & Pensions (DWP) 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 a 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 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 house purchase):

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 a interest only basis payable over 25 years initially on a fixed rate for 5 years fixed at 2.80% and then on our Standard Variable Rate (SVR) of 5.69% (variable) for the remaining 20 years you would pay:

1 monthly repayment of £8.87, followed by
60 monthly repayments of £270.06, followed by
240 monthly repayments of £547.48

1 final repayment of £116,000.00

The total amount payable would be £263,747.67 made up of the loan amount of £116,000.00 plus interest (£147,607.67) a funds transfer fee of £20 and legal fee of £120.  The overall cost for comparison is 4.9% 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).