Buy to Let Mortgages

• Easy to use Buy to Let calculator
• Loan amount based on rental income only.

*Maximum LTV.

• 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.

Subject to:

• 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 the loan must not exceed 4.25x the applicant's personal income (single or joint). Applications falling outside of this will be reviewed
• 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

Light Refurbishment

Classified as a Buy to Let rental property which will benefit from minor improvements to be carried out within 3 months of completion and prior to letting.

Subject to:

• Maximum 90 at loan maturity (75 for first time landlords)
• Maximum 70% LTV
• First Time Landlords purchasing accepted up to 65% LTV
• Maximum loan size £500,000 (unless otherwise stated)
• Customers must choose a Light Refurbishment product
• Rental cover will be based on rental assessment after works
• TMW reserves the right to withhold the retention amount if the works have not been carried out within 3 months

Process:

• A valuation will be completed in the first instance and value will be assessed on current and after works basis
• Up to 70% of the property value or purchase price (whichever is lower) will be advanced
• Once the works are completed 70% of the after works value, to a maximum of £25,000, can be released subject to a successful re-inspection of the property
• A re-inspection costing £100 payable by the customer, will be needed before retention monies can be released
• Minimum Retention - £2,000
• Maximum Retention - £25,000

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.

Other Information

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.