Buy to Let Mortgages
- Easy to use Buy to Let calculator
- Loan amount based on rental income only.
- All arrangement fees may be added to the loan (with the exception of any up front, non refundable, booking fee. Applicable on products with free standard valuation, free standard legals, or cashback options).
- Interest will be charged.
- Minimum % arrangement fee £595
Free standard valuation and free standard legals or cashback products
† Products available through TMW Online. Only available for single property applications. For exceptions please refer to TMW rate guide. Please see our Lending Criteria page for full terms and conditions and a list of non-standard legal fees your client may have to pay.
First Time Landlords
Classified as applicants who have not owned and let a Buy to Let property for the last six months.
- Maximum age 75 (at loan maturity)
- Maximum 75% LTV
- Maximum loan size £500,000 (unless otherwise stated)
- First Time Landlords must be owner occupiers (with or without a mortgage)
- The applicant(s) must have owned their residential property for at least 6 months at the time of application
- Loan purpose: to purchase a new Buy to Let property
- First Time Landlords remortgaging a second residential property as a Buy to Let (for example, inherited property) are not accepted
- There is no minimum personal income requirement; however if the loan exceeds 4.25x of the applicant’s personal income (single or joint), then the application will be considered on a case by case basis
- For joint applications where the applicants do not currently hold a joint residential mortgage, the lower of the two personal incomes will be used
- Evidence of deposit and proof of personal income is required on all applications
Acceptable proof of income:
- Self employed applicants: Latest SA302 (self assessment tax calculation form)
- Employed applicants: Latest payslip
- Retired applicants: Latest payslip/pension statement
Eligible income is defined as:
- Gross earned income (excluding bonus, overtime and commission)
- Pension income
State benefits, investment and maintenance income do not qualify as eligible income
Switch to Fix Option
Switch to Fix option allows a customer to switch to a new business fixed rate, within the same product range, at any time during the benefit period without incurring Early Repayment Charges.
All first time and experienced landlord applicants who are remortgaging their existing residential property as a Buy to Let must choose from the Let to Buy product range.