BTL4a

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Here are the details of the product you are interested in:

Key Product Facts
5.74% fixed for 3 years.

  • Available from age 30. The maximum age at the end of the mortgage term is 70 years.
  • Minimum term of 5 years and a maximum term of 25 years.
  • The product is available for loans between £50,000 - £250,000.
  • This mortgage will revert to the Society's BTL Managed Rate Scheme (currently 5.49% variable) following the 3 year fixed rate period.
  • Up to 65% of the value of the property can be borrowed.
  • Non RMC applications only. The applicant(s) or family members of the applicant(s) must not live or intend to live in the BTL property being mortgaged.
  • An early repayment charge of 3% will apply if you repay all or part of your loan within the first 3 years.
  • Newly Built or Newly Converted Properties excluded. Residential houses must have been completed at least 36 months (3 years) ago, and flats/apartments must have been completed at least 84 months (7 years) ago. Studio flats or flats above commercial premises or above 4 storeys are not accepted.
  • HMOs are not accepted.
  • Properties must be located within mainland England & Wales.
  • Proof of rental income required (AST)
  • Only 1 AST must be in place for the property.
  • Minimum Property Value £125,000.
  • Minimum period of property ownership 1 year before remortgage permitted.
  • Not available for first time buyers. Applicants must be owner occupiers seeking to purchase/remortgage one or more BTL properties.
  • An Arrangement fee of £999.00 is charged and this can be added to your loan if you wish. If you add this fee to your account it will incur interest in line with the rest of your balance.
  • There is no higher lending charge on this product.
  • This product is not portable.
  • Interest is calculated on a monthly basis.
  • The overall cost for comparison is 5.8% APR typical.
  • Self-certification is not allowed on this product.
  • An Assets & Liability form must be completed with the application, including details of any existing BTL properties: Current property value, current mortgage balance outstanding, current monthly mortgage payment, current monthly rental income, current interest rate, details of when any current mortgage product expires and the reversionary rate.
  • Employed: Minimum of 6 months in the current position required, and a satisfactory employment history prior to this period. Last 3 months payslips and last 6 months bank statements required.
  • Applicants will have to demonstrate that they can provide a satisfactory personal covenant and meet affordability criteria. Outstanding commitments will be taken into consideration.
  • Self-Employed: Minimum trading period of 2 years and 2 years certified accounts required. 6 months personal & business Bank statements required.
  • No adverse (defaults/ CCJs/ arrears) accepted. No bankruptcy/IVA. No late / missed payments.
  • Minimum income £60,000 joint, main/single applicant minimum income £40,000.