Joint Borrower Sole Proprietor First Time Landlord Buy to Let – 2 Year Discount 75% (Investment)

Maximum Loan to Value (LTV) 75% LTV
Initial Variable Interest Rate, currently 4.09% (1.90% discount from the Society’s Standard Variable Rate for 2 years. The discount is subject to a minimum interest rate “floor” of 2.00%).
Followed by our Standard Variable Rate thereafter, currently 5.99%
The Overall Cost for Comparison  5.9% APRC
Interest Calculated Daily


The following is a representative example based on a mortgage of £149,450 payable over 25 years initially on a discounted variable rate of 4.09 % for 2 years followed by our Standard Variable Rate of 5.99%.  In this example you would make an initial payment of £1,114.49, then 23 monthly payments of £796.30 followed by 276 monthly payments of £951.90.

The total amount payable would be £283,903.67 made up of the loan amount plus interest of £132,703.79 and the following costs, a Scheme Fee of (£1,120.88), a Chaps/Telegraphic Transfer fee (£25.00), a Valuation Fee (£175), Legal Fees (£354) and a Mortgage Exit Administration Fee (£75.00).

The overall cost for comparison is 5.9% APRC representative.

Note: What you will pay may vary from this and will depend on your personal circumstances.

Early Repayment Charge 1.90% of the redemption balance for 2 years.
Application Fee There is no Application Fee payable for this product.
Scheme Fee 0.75% of the loan (can be added to the loan, subject to LTV, or paid on completion. Fees added to the loan will accrue interest. Further details are available on application).
Mortgage Exit Administration Fee £75.00 (paid on redemption).
Standard Valuation Fee Paid directly to valuer by the applicant – see Valuation Fee Scale for details.
A standard mortgage valuation is required on all properties.
Procuration Fee A Procuration Fee will be paid by the Society upon completion of the mortgage. Please refer to your mortgage broker for details.


The following multiples apply:

For 1 or 2 Applicants Up to 4.49 x Total Income
For 3 or 4 Applicants Up to 3.25 x Total Income

Our decision to lend will depend on whether the loan is affordable, which we will determine from an assessment of applicants income and other financial commitments, alongside the impact of future interest rate increases. To get an idea of how much the applicant may be able to afford, please speak to your mortgage advisor.

Age Minimum – 21 Years
Maximum – No age limit
Term Minimum – 2 Years
Maximum – 40 Years
Loan Size Minimum – £80,000
Maximum – £350,000 (Subject to LTV, please refer to our current criteria for details)
Availability Available to customers who are a first time landlord and intend to use the property for investment purposes only. Also available for Consumer Buy to Let re-mortgages only (i.e. where the borrower(s) has acquired the property or already owns the property and is deemed not to be acting predominantly for investment purposes). Customer may be a first time buyer. Customer must evidence 12 months continuous employment history. Further Buy-to-Let lending criteria applies.

For full details please contact our experienced underwriters on 01257 235 001 – Option 2 or at

Overpayments The Society will allow overpayments of up to 10% of the redemption balance per annum without invoking an early repayment charge.
Portability You can keep this mortgage should you move to a new property. This mortgage is portable subject to your status meeting our criteria.
Insurance Buildings insurance is compulsory in all instances.

This is a limited issue and the Society reserves the right to withdraw this scheme without notice at any time.