Buy to Let MortgagesAVAILABLE TO INTERMEDIARIES ONLY
Buy to Let criteria - key points
- Rental income must be at least 125% for basic rate tax payers, 145% for higher rate tax payers, and 150% for additional rate tax payers, of the interest payable on a stress rate of:
- 5.50% for purchases and capital raising remortgages – when 2 year product is taken
- 4.50% for purchases and capital raising remortgages – when 5 year product is taken
- 5.00% for non-capital raising 'like-for-like' remortgages – when 2 or 5 year product is taken
- Background Buy to Let properties will be stressed at 145% at 5.00% regardless of the applicant's tax status. The aggregate LTV of the background portfolio should not exceed 75%
- A stressed interest rate of 5.5% for purchase and capital raising remortgages – for Let to Buy when 5 year product is taken.
- Stressed interest rate where SVR is taken of SVR + 2%.
- No minimum income requirement (evidence of income is still required).
- Maximum portfolio size of 10 mortgaged rental properties, irrespective of lender
- Maximum of 4 rental properties can be mortgaged with The Society, whether Buy-to-Let, Holiday Let or a combination of both
- No maximum age at end of term
For full details of our Buy to Let criteria, including LTV rates, view our criteria guide.