Following recent changes to our buy to let criteria here are three things you should know about our buy to let mortgage products:
- Up to 80% LTV and £500k – we’ve increased our maximum loan to value to widen access to borrowers.
- Top slicing for discount rate products – we now offer top slicing and will consider applicants’ personal income for cases not meeting rental cover calculations, on our discount rate products.
- Transitional cases at 125% rental cover – for existing buy to let borrowers with other lenders who are looking for a like-for-like remortgage we’ll apply transitional criteria.
We consider first time landlords, and borrowers do not need to be owner occupiers. For each mortgage application we use expert manual underwriters based at our Ipswich head office, who have many years of experience in looking at all types of mortgage applications – from buy to let, self employed, self builders and more.
We have a specialist buy to let expat product too, for UK national clients working abroad. For buy to let we do not require salary to be paid in GBP, except in instances of top slicing. Note our maximum LTV for expat buy to let is 75%.
We also have no age limit on applications, and will take 100% of pension income into account when assessing affordability. This means for older buy to let borrowers looking to top slice on a discount rate product we won’t cap retirement income.
Don’t forget all of our products also benefit from our generous 50% fee free overpayment allowance as standard.
Borrowers can have a maximum of three buy to let properties, so if you have clients who are looking to remortgage or add to their small buy to let holding, within this maximum, speak to us.
Contact us
Name: Andrew Sadler
Email: bdt@ibs.co.uk
Tel: 0330 123 1073
Web: www.ipswich-intermediaries.co.uk/products/buy-to-let
