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Buy to Let Variable Rate Criteria

Criteria Type Description
Minimum Loan £15,001 for purchase, £25,001 for remortgage.
Maximum Loan £500,000 per property for purchase and remortgage.
Maximum Total Borrowing per individual £2,000,000 (portfolio).
Maximum LTV Up to 85%. Arrangement fees can be added.
Property Minimum Valuation £40,000. Ex local authority houses acceptable, ex local authority flats valued at a minimum of £90,000 are acceptable, no shared equity. Flats in converted office blocks and speculatively converted ex-local authority blocks unacceptable. We do not accept flats or maisonettes built within the last 12 months or being purchased for the first time since conversion. Houses built within the last 12 months or being purchased for the first time since conversion are acceptable up to 75% LTV.
Age At least one borrower must be 21 or over.
Term Minimum 5 years. No maximum.
Income Requirements Up to and including 75% - None. 75% - 85% - £15,000 p.a. basic income. (Self employed accepted)
Maximum Number of Properties 5.
Rental Income Multiples Rental income should be equal to or greater than the interest only payment due on the loan calculated at 100% of the initial pay rate on fixed or capped rates of 3 years or more and 118% of the initial pay rate on all other products.
Overpayments Up to 10% of the mortgage balance may be repaid each year without incurring any early repayment or administration charges providing each overpayment is a minimum of £2,000. This is calculated on the outstanding mortgage balance as at the previous 31st March each year.
Use of Letting Agent Not required.
Payment Types Accepted Repayment, interest only or a combination of both.
Tenants No holiday homes, lets to family memebers or Houses in Multiple Occupation (HMOs). Students lets are acceptable (maximum 4 tenants), on one Assured Shorthold Tenancy (no HMOs). Department for Work and Pensions tenants are acceptable. No family members.
Experience Evidence of current or previous satisfactory conduct of mortgage (i.e. no first time buyers unless on a joint application with a second time buyer) within the previous 5 years or outright owners.
Availability

England & Wales
                     With Vacant Possession   With Tenanted Possession
Purchases       Yes                               Yes
Remortgages  Yes                               Yes

Scotland
                     With Vacant Possession   With Tenanted Possession
Purchases       Yes                               No
Remortgages  Yes                               Yes

Lending Fee £195 (due on completion but payment can be deferred until the mortgage is fully repaid).
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General Lending Criteria

Criteria Type Description
Employment Status Employed, Self Employed, Fixed Term Contracts, Short Term Contracts, and Probation periods are all considered.
Loan Types Repayment and Interest Only. No Further Loans.
Lending Areas England, Scotland and Wales (unless otherwise stated).
Early Repayment Charge In addition to any product specific early repayment charge we also charge a lending fee (£195), which is due on completion but payment can be deferred until the mortgage is fully repaid. For part repayments an additional fee applies.
Clean Credit History For last 3 years:
  • No mortgage/rent/loan arrears
  • Max 2 consecutive missed payments on credit/store cards
  • Max 1 CCJ to £250, not in the last 12 months
  • Comms/mail order arrears ignored unless scale/frequency is a cause for concern.
Portability All mortgages are portable when redeeming and completing on a new Bristol & West Mortgages mortgage. Conditions apply - please ask for details.
Insurance If applicants arrange their own buildings insurance a fee of £25 is payable to Bristol & West Mortgages to cover our additional administration costs. All Standard and Self Cert applicants are elgible for 3 months' free Mortgage Payment Protection Insurance (MPPI). This offer is only open to applicants who purchase MPPI through Bristol & West Mortgages' relationship with Pinnacle Insurance and is subject to insurance underwriting criteria.
Free Legals for Remortgages If stated in the Offer of Loan, Bristol & West Mortgages will pay for the legal fees and disbursements (excluding additional work, see below) and any additional leasehold charges providing the remortgage transaction is handled via Legal Marketing Services, and is completed. The firm of Solicitors instructed will act for us only. If applicants wish to arrange their own legal representation they will be responsible for the legal costs and disbursements incurred. Please Note: Bristol & West Mortgages will not pay for charges relating to additional work outside the scope of a standard remortgage transaction. This includes further valuation reports, related legal services, transfer of equity, deed of postponement, deed of grant, deed of variation, merger of freehold or leasehold title, change of name, telegraphic transfer of surplus funds to borrower, local searches for loans over £750,000, or if an exceptional amount of work is required to correct a defective title. For further details please see our ‘Free Legals for Remortgagers’ information sheet.
Arrangement Fees Payments should not be made at application stage. Bristol & West Mortgages will deduct the fee from the loan amount upon completion or add it to the loan amount.
Property Owner We only accept transactions where the seller is the owner or registered proprietor of the property, and has been so for at least 12 months. For all remortgage business the registered owner or proprietor must have owned the property for a period of at least 12 months.
Property Properties built within the last 12 months, or being purchased for the first time since conversion are acceptable up to 75% LTV. Please note that for Buy to Let mortgages, we do not accept flats or maisonettes built within the last 12 months or being purchased for the first time since conversion.
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Bristol & West Mortgages is a trading name of the Governor and Company of the Bank of Ireland which is incorporated in the Republic of Ireland with limited liability and registered in England and Wales with branch number BR000459. Authorised by the Irish Financial Regulator and authorised subject to limited regulation by the Financial Services Authority. Details about the extent of our authorisation and regulation by the Financial Services Authority are available from us on request.

Bristol & West Mortgages: One Temple Back East, Temple Quay, Bristol BS1 6DX, Telephone: (0117) 979 2222. Fax: (0117) 929 3787. Website: www.bristolandwest4brokers.co.uk

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