As a new Buy to Let customer we will talk to you about the Buy to Let mortgages that we currently offer and will make sure that our deal is completely suitable and appropriate for your needs and circumstances.
To find out more information or to book at appointment with one of our Qualified Mortgage Advisers, get in touch today to see how we can help you.
You choose the way that you would like to apply for a mortgage with the Society.
You may choose to visit one of our branches and speak to a Qualified Mortgage Adviser face to face. We would love to meet you and spend the time getting to know you and what’s important to you.
Not all of our branches have a Qualified Mortgage Adviser in branch, however that’s not a problem as our Mortgage Advisers are flexible and will happily meet you at a branch of your choice.
Please get in touch, by contacting your local branch
Step 1 – Contact us at a branch of your choice to arrange a mortgage appointment at a location of your choice.
Step 2 – Meet your Qualified Mortgage Adviser and let them guide you through your mortgage interview.
Step 3 – Consider all of the information provided and when you feel ready to do so, apply for your mortgage.
You may not live within our branch operating area and be unable to visit one of our branches. For your convenience we have a Direct Mortgage team based at our Head Office. Our team are here to carry out the same professional, friendly service that our in branch team of Qualified Mortgage Advisers do, the only difference being that this would be over the telephone. So it really doesn’t matter how you choose to apply with us.
Step 1 – Contact our Direct Mortgage Team to arrange a mortgage appointment at a convenient time.
Step 2 – Talk to your Qualified Mortgage Adviser and let them guide you through your mortgage interview.
Step 3 – Consider all of the information provided and when you feel ready to do so, apply for your mortgage.
Whether you are looking to purchase your first Buy to Let property or adding to an existing portfolio, this guide should help you to understand our Buy to let process.
Step 1 - Our Qualified Mortgage Advisers will want to talk to you about your personal finances. It would be helpful if you could have the following information available:
Last 2 months wage slips
Details of any loans, credit cards or hire purchase agreements you may already have.
Step 2 - Call to arrange a convenient appointment with one of our Qualified Mortgage Advisers. If you’re local to one of our branches, we have Qualified Mortgage Advisers who can see you face to face. If you are not local or you would prefer to speak to one of our Qualified Mortgage Advisers over the telephone we have a team ready to speak to you.
Step 3 - When contacting our Direct Mortgage team, they will discuss eligibility of a mortgage with you. If in principle, you fit our Buy to Let lending criteria they will book you an appointment to speak to one of our Qualified Mortgage Advisers.
Step 4 - Our Qualified Mortgage Adviser will contact you and guide you through a full mortgage interview. You should allow approximately 60 minutes for this part of the process however this is tailored to your needs. We will take our time and ensure that you fully understand all information provided to you. We want to get to know you, understand your needs and circumstances’ to enable us to recommend a mortgage to you that is completely suitable, affordable and appropriate.
Step 5 - You will receive an application pack in the post. This pack will contain all the information and documentation to enable you to apply for a mortgage with the Society. Again, your Mortgage Adviser would be on hand to answer any queries that you may have when completing the relevant paperwork.
Step 6 - On receipt of your completed paperwork, your Qualified Mortgage Adviser will contact you to confirm safe receipt and talk you through the next stages of the process. You will be introduced to the Mortgage Administrator who will be processing your application and the processing of your mortgage application will begin. We may need to contact you for further information. Once we are satisfied with all of the information that you have provided the mortgage valuation will be instructed, with a requirement for the valuer to confirm the rental income to be achieved on the property. Our Mortgage Administrator’s will keep you fully informed of the progress of your application and are always on hand to answer any queries that you may have.
Step 7 - On receipt of a satisfactory mortgage valuation report (including Rental value) and all other supporting documentation being received, your mortgage application will be forward to our underwriting team. Final underwriting checks will be carried out. Following this approval a formal Mortgage Offer will be issued. A copy of this will be sent to you and a copy will be sent to your solicitor.
Step 8 - Your solicitor will arrange a date to exchange contracts and a completion date will be set. On the day of completion your solicitor should confirm that the legal process is now complete.
Loan to Value (LTV)
Loan to value is the proportion of the value or price of the property (whichever is the lower), that you borrow on a mortgage. For example, a £90,000 mortgage on a house valued at £100,000 would mean an LTV of 90%
This is a Government Tax charged on purchases of land or property over a certain value. This is charged at different rates depending on different limits and property types.
A standard valuation report is a basic assessment of the condition and value of the property and is purely for the benefit of the Society. You may decide to have a more thorough Homebuyers Report or a full structural survey carried out. These types of reports are more expensive than a standard mortgage valuation.
A solicitor will handle all of the legal proceedings upto and including completion of the mortgage.
If applicable, these are payable when you apply for your mortgage with us. We will inform you of the cost of this at the outset.
Capital and Interest mortgage
A type of mortgage where, each month you pay both the interest on the loan and an element towards the mortgage amount borrowed. The mortgage balance decreases each month (assuming regular payments are made). The mortgage amount would be completely repaid at the end of the mortgage term.
A type of mortgage where, each month, you only pay the interest on the outstanding mortgage amount. This means that at the end of the mortgage term, the mortgage amount will still remain outstanding. With this type of mortgage you would need a suitable repayment strategy to repay the mortgage in full at the end of the mortgage term.
Annual Percentage Rate (APR)
The annual percentage rate (APR) is the total cost of the loan expressed as an annual percentage. The APR is provided to help you compare different offers and is calculated using assumptions regarding the interest rate. If part of your loan is a variable interest rate loan, the APR could be different from that quoted if the interest rate for your loan changes.
It takes into account the initial rate of interest, any other charges applicable e.g. valuation fee, application fee, solicitors costs and the amended rate when a discount or fixed rate period ends i.e. if the mortgage were to revert to the standard variable rate at the end of the agreed product term date.
We will also provide another figure to reflect the volatility of interest rates and to illustrate if these were to increase, what impact this would have on your mortgage payments and for you to think about whether this will be affordable to you in the future. The figure used is the highest that the Bank of England Base Rate (BBR) has ever been within the last 20 years. This is then added onto our current standard variable rate. This will illustrate to you the true rate of interest charged over the whole period of the loan if this circumstance occurred. This will be detailed in your mortgage illustration.
Early Repayment Charge (ERC)
An Early Repayment Charge may be payable if the mortgage is repaid in full or part before a set date. Your mortgage illustration and mortgage offer letter will set out how much it will be and the time period it will last for.
With some products you may receive a cashback when you complete on your mortgage. Your mortgage illustration and offer letter will set out how much it will be and when we will pay it.
The day that the property becomes legally yours. Your solicitors will arrange a completion date with you for the purchase or remortgage of the property.
The facility for existing mortgage account holders to borrow extra money from us. This may be available for a variety of reasons, but would be subject to you meeting the Society’s criteria and Responsible Lending Policy.
Conveyancing is the legal process involved in buying and selling a property.
Where the interest charged on the mortgage is calculated on a daily basis. It is calculated on the balance outstanding at the end of each day.
The equity in your property is the difference between the value of the property and the amount of mortgage outstanding.
Exchange of contracts
Exchange of contracts occur when the buyers and seller’s conveyancers exchange signed contracts. Once this exchange has occurred both parties are legally bound.
Financial Conduct Authority (FCA)
The Financial Conduct Authority is the regulatory body for the financial services industry in the UK.
Their aim is to protect consumers, ensure the industry remains stable and to promote healthy competition between financial services providers.
If you own the property as a ‘freehold’ tenure, then you own the property and the land that the property is built on.
A mortgage illustration outlines the terms of the mortgage and the total cost of the mortgage specifically to your requirements. This mortgage illustration will be provided to you by one of our Qualified Mortgage Advisers.
If you own the property under a ‘Leasehold’ tenure, then you own the property but not the land it's built on. The land remains the owner of the landlord, also known as the ‘freeholder’. Ownership of the property will also revert back to the freeholder once the lease runs out. Leases can last for decades or centuries. There is usually an annual charge for the lease, called a ground rent.
Standard Variable Rate (SVR)
The Standard Variable Rate usually known as the SVR is a variable rate of interest. This means that your payments can go up or down. Each lender sets their own standard variable rate to reflect market conditions and it is at the lender’s discretion as to when this changes
The mortgage term is the number of years in which you agree to pay back your mortgage. The Society currently offers mortgage terms from 5 years to 35 years.
|Product||Product Fee||Application Fee||Initial Rate||Reverting to standard variable rate currently||Overall cost for comparison||Terms and Conditions|
|Buy to Let 2 Year Discount - up to 65% Loan to Value||£895||£100||1.60% variable for 2 years (our standard variable rate minus 4.09% discount)||5.69%||5.30% Annual Percentage Rate (APR)*||View|
|Buy to Let 2 Year Discount - up to 65% Loan to Value||£0||£0||2.04% variable for 2 years (our standard variable rate minus 3.65% discount)||5.69%||5.30% Annual Percentage Rate (APR)*||View|
Monthly payments for a repayment mortgage:£0.00
Monthly payments for an interest only mortgage:£0.00