From Friday 17 May, we'll be making some important changes to our Buy to Let products and criteria:
- Great news for First Time Landlords purchasing! From 17 May they'll be able to choose from our standard BTL product range up to 75% LTV, with rates starting from 2.74%.
- New 2, 3 and 5 year fixed rates with £995 fee.
- Reducing the fee on our Buy to Let 1 year fixed rate (B01264) by 1.00%.
- Withdrawing our Buy to Let 1 year tracker (B07898).
- Extending end dates on all product ranges.
Criteria changes - for new cases received from 17 May
- We're extending our affordability assessment of 4.25x annual income (single or joint). This policy will now also apply to experienced landlords who are non owner occupiers, and to all joint applications that include a First Time Landlord. We'll also require proof of deposit for these applications, and loans exceeding this income multiple will be considered on an individual basis.
- Gifted deposits will continue to be accepted, however the funds need to be from a UK source and made up from a maximum of two gifts.
- We'll no longer accept purchase applications where the vendor is a limited company, unless they're from our approved list of builders.
- We'll no longer accept applications on properties that have an existing second charge in place (unless to be repaid as part of the transaction).
- HMO property applications considered with a maximum of 9 lettable rooms.
Securing current products
To secure a product on our current range and criteria available via TMW Online or TMW MTE, please complete a DIP by 1pm Thursday 16 May 2013. Any DIPs must be progressed to full mortgage application by 8pm Thursday 16 May 2013.
Please note that faxed DIPs will not be accepted and should be submitted via TMW Online or TMW MTE. Paper applications, where applicable, must be postmarked up to Thursday 16 May 2013.