80% Buy to Let LTV now offered by Ipswich BS

by Neil Patterson

12:10 PM, 8th March 2018
About 7 months ago

80% Buy to Let LTV now offered by Ipswich BS

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80% Buy to Let LTV now offered by Ipswich BS

Ipswich Building Society now offer 80% Loan To Value on their Buy to Let mortgage range for a minimum loan of £75,000.

There is a 2 year Discounted rate available at 2.95% (variable rate currently 5.49% with a discount of 2.54% until 2 years from completion date). Application fee £199 and completion fee £950.

Also a 2 year fixed rate of 3.15% until 30 April 2020. Application fee £199 and completion fee £950.

Stress Testing requirements for affordability require a minimum 145% rental cover against the monthly mortgage payment stressed at a rate of interest of either the Product Rate +2% or a minimum rate of 5.5%.

applicants must:

  • own their own home, or have done so before
  • live in the UK, unless the application is for expat BTL
  • not be in arrears with any other mortgage
  • have income of at least £25,000pa from employment, self-employment, a pension or investments. For joint applicants, one applicant must have this income.

Property types:

  • Not available for: new-build flats, studio flats, ex-local authority flats/maisonettes, flats above five storeys or flats above commercial property
  • The property must be let unfurnished, on an approved assured shorthold tenancy, to an individual, couple or family rather than a company
  • No houses in multiple occupation (HMOs) that require licensing, DSS tenants, multi-lets or student lets

The Property118.com mortgage sourcing tool is available for you to use with our compliments. This system can be used to source both residential and buy to let mortgages. It is updated live by mortgage lenders and even includes mortgage products available exclusively via broker networks. You can compare total costs of mortgages, including fees, over any period of time. Please Click Here

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