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3.99% Exclusive BTL Fixed rate to 31/08/2020 [BL23]

Follow on rate SVR currently 5.74%.
The overall cost for comparison is 5.2% APRC

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For landlords who are homeowners purchasing a property with the sole intention of letting it out under a rental agreement to non-family members as a business arrangement.

Buy to Let mortgages are exempt from Financial Conduct Authority Rules.

This product is also available to Consumer Buy to Let borrowers. These are applicants who are homeowners but do not own other BTL properties and since becoming the owner of the property they or their family members have lived in it.

Consumer Buy to Let mortgages are regulated by the Financial Conduct Authority.

  • Product fee £1500
  • 75% LTV
  • Ltd Companies accepted

For landlords who are homeowners purchasing a property with the sole intention of letting it out under a rental agreement to non-family members as a business arrangement.

Buy to Let mortgages are exempt from Financial Conduct Authority Rules.

This product is also available to Consumer Buy to Let borrowers. These are applicants who are homeowners but do not own other BTL properties and since becoming the owner of the property they or their family members have lived in it.

Consumer Buy to Let mortgages are regulated by the Financial Conduct Authority.

  • Initial fixed rate to 31 August 2020
    3.99%
  • Followed by our Standard Variable Rate (BTL SVR) for the rest of the term
    5.74% variable
  • Maximum LTV
    75% including fees
  • The overall cost for comparison is
    5.2% APRC
  • Product Fee - may be added to the loan
    £1500
  • Application Fee - payable upfront and non-refundable
    £150
  • Early Repayment Charge
    Charges will apply to any lump sum or full redemption paid over 10% of the capital balance
    3% to 31/08/2018
    2% to 31/08/2019
    1% to 31/08/2020
  • Product fee £1500
  • 75% LTV
  • Ltd Companies accepted

Further Information

Fees

  • Application fee £150. This is payable upfront and is non-refundable.
  • Product fee £1,500. This may be added to the loan subject to the maximum LTV.
  • Valuation fees are payable on a set scale as detailed in the separate Fees Guide.
  • Solicitors and licensed conveyancers fees are not based on a set scale and solicitors must be approved by Buckinghamshire Building Society.
  • Proc fees are 0.80% capped at £2,000.

Other charges may be made in respect of mortgage services. See our Fees Guide for details.

Acceptable Credit Criteria

This product accepts our minor adverse credit click here for details

Early Repayment Charge (ERC)

Early Repayment Charges are payable on any lump sum or full redemption repaid over 10% of the capital balance.
3% to 31/08/2018
2% to 31/08/2019
1% to 31/08/2020

Overpayments

During the fixed rate period regular overpayments are permitted up to £100 per month and lump sum payments up to 10% of the capital balance per annum may be made without attracting an ERC. Should the total of lump sum overpayments exceed 10% within this period, the excess will attract an ERC as detailed above.

Interest will be recalculated following receipt. 
Once the fixed rate period has ended overpayments can be made without restriction.
If an overpayment of £500 or more is made, we will recalculate the monthly payment the following month.

Affordability

For Buy to Let borrowers, complete the Affordability Calculator to determine eligibility.
The rental valuation needs to cover the mortgage payment x 132%. Minimum income £25,000.

Proof of Income

  • You must have 12 months continuous employment.
  • Last 3 months bank statements.
  • Completed Budget Planner.
  • Last P60 and 3 months payslips for all employed applicants. Last 3 years accounts or SA302s for all self-employed applicants.
  • Certified photographic proof of identity.
  • We will carry out electronic verification to prove the applicant’s identity, but we may also ask for documentary evidence of identity. This can include the applicant’s latest mortgage statement, certified proof of residency or other loan or card statements.
  • References may be taken up and credit searches will be made. Cases may be declined due to previous adverse credit or information that is not disclosed on the application form.

Interest

Interest is calculated daily on the balance outstanding and added to the account the following month.

Insurance

We recommend that the applicant has buildings insurance on the property. It is not a requirement to buy any insurance through Buckinghamshire Building Society.

Mortgage Term

The maximum mortgage term is 40 years dependent on individual circumstances.

Repayment

This mortgage is available on a capital and interest repayment basis or interest only with a suitable repayment vehicle. Payments must be made monthly by direct debit.

Portability

This product is not portable.

Loan Size

Minimum loan size £50,000.
Maximum loan size £500,000.

Property type

Standard construction houses or flats. For leasehold properties the Society requires a minimum unexpired period of 85 years at the time of purchase and at least 55 years unexpired lease remaining after the expected redemption date. Flats over 4 storeys may be considered on an individual basis but are not acceptable if they are local authority or ex-local authority.

For new build properties the Society requires a minimum lease term of 125 years, a maximum starting ground rent of 0.1% of the property value and no unreasonable ground rent escalators or other event fees.

Age Limits

The minimum age is 21 for all applicants. There is no maximum age. Cases are considered on individual circumstances.