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Exclusive Product: 5 Year Fixed Rate at 3.79% at 70% LTV with Free legals and Free Valuation on Remortgages

Exclusive Residential Investment Buy to Let Mortgage 70% LTV £20,000 Minimum Income for Applicant.

New Exclusive deal: 5 year fixed rate for single family dwelling residential investment with generous low rental cover allowing lower amount of rental income for higher borrowing potential up to 70% LTV. This product offers Free Valuation and Free Legal fee for Remortgage applications.

Lender fee can be added to the mortgage and early repayment charges only apply in the first 2 years of this 5 year fixed rate of just 3.79%. Maximum mortgage term of 30 Years. Minimum earned income of just £20,000. Minimum property value of £75,000 while also allowing ex-council house property.

Blocks of flats: the subject property to be mortgage must not equate to more than 25% of the building, such as 1 self contained flat in a block of 4 self contained flats. For leasehold properties the outstanding lease must not be less than 85 years.

HMO: This mortgage product will allow a maximum of 4 unrelated tenants sharing a property providing there is 1 AST.

Max age for applicants: No maximum age at time of application making this product very good for senior citizen applicants who might normally find their age prevents them from qualifying for other mortgage products. Minimum age for this product is age 25.

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Description

Details

Pay Rate3.79%
Rate Description5 Year Fixed Rate
Reverting RateSVR currently 5.49% with no extending redemption penalties
ExpiryNA
Security ChargeFirst charge basis
Maximum LTV70%
Lenders Fee1.45% (can be added to loan) none upfront
Minimum Property Value£75,000
Minimum Loan Size£999,999
Maximum Mortgage Term30 years
Income RequirementsEarned income of £20,000 minimum for applicants, or 1 years trading for Self Employed applicants
Accepted Property TypesResidential letting houses and flats in England and Wales. Also Isle of Wight.
Property Types Cont.Available to ex-council houses (exc. flats). Flats over commercial accepted on case by case basis.
Tenancy TypesSingle AST only. DSS tenants accepted. Not accepted: Corporate tenants accepted inc local authority and housing association contracts.
Rental Stress Test130% at 3.79% i.e. This is very low and allows for higher borrowing given rental value. Example £600 a month rent supports a max borrowing of £
Product ReferenceRL21118

Rent

Max Borrowing

£414£100,000
£616£150,000
£821£200,000
£1437£350,000
£1848£450,000