
Buy to Let 3 year fixed [BRF016]
Fixed until 30/06/2024
Early Repayment Charges apply.
This product may be withdrawn at any time.
Product key features
- Product incentives
- Product related fees
- Mortgage amounts
- Mortgage repayment terms
- Early Repayment Charges
Product incentives
Free standard valuation: We'll cover the cost of a standard mortgage valuation on a property valued up to £400,000, which is equivalent to a £350 contribution towards the cost of a standard valuation. Your client may choose to have a RICS Homebuyers Report, however they'll have to cover the difference in cost between a standard mortgage valuation and the RICS Homebuyers Report.
Fees assisted legals: Your clients have the choice of using our solicitors, where we'll cover the cost of any standard legal fees, or they will receive £250 cashback towards their own solicitor's costs. They will be advised of any non-standard costs that will apply. If they choose to use our solicitors, the solicitor will only act for us and won't provide them with independent advice regarding the mortgage transaction.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Product related fees
There is an arrangement fee of £1,499. Your client can choose to add the fee to the amount they borrow or pay the fee up front by deducting the fee from the mortgage amount.
If your client adds the fee to their mortgage they will pay interest on the fee at the same rate as their mortgage.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Mortgage amounts
There is a minimum mortgage amount of £100,000.
The maximum mortgage amounts for this product are tiered by loan to value:
- Up to 50% LTV: maximum loan of £950,000
- Up to 60% LTV: maximum loan of £700,000
- Up to 70% LTV: maximum loan of £500,000
The maximum loan to value is 70%.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Mortgage repayment terms
Your client can repay their mortgage over a minimum of 5 years and a maximum of 35 years.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Early Repayment Charges
Early Repayment Charges apply during the product term. Up to 10% of the original mortgage amount can be overpaid each year without charge, however, if the mortgage is redeemed or switched to another product during the product term, then the Early Repayment Charge will apply.
The Early Repayment Charge will be:
- 4% of the amount repaid until 30 June 2021;
- 3% of the amount repaid until 30 June 2022;
- 2% of the amount repaid until 30 June 2023; and
- 1% of the amount repaid until 30 June 2024.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Tools to get you started
tools and guides
FAQs
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- Do you credit score?
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We don't credit score mortgage applications. All cases are underwritten on an individual basis by a real person. At decision in principle stage we'll complete a credit quotation and when a full application is submitted we'll carry out a full credit application that'll leave a footprint on your clients credit file.
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- What are your service levels?
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We aim to provide you with a lending decision within 24 hours of receipt of a completed decision in principle.
When we've received a fully packaged application we'll obtain any fees and instruct a valuation within one working day.
As we underwrite each case individually timeframes can change due to complexity and the amount of involvement needed in each case. Your mortgage Case Officer will give you more information when your application has been passed over to our Mortgage Processers.
On receipt of a fully packaged application we aim to get it to offer within 14 working days.
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- How do I register with you?
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Our registration process is simple. There's no need to pre-register if you're sending us a decision in principle. We'll require a completed registration form to accompany your first submitted mortgage application. You can complete and sign the form and then email a scanned copy to us at newbusiness@thetipton.co.uk.
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- How do I submit business?
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We always recommend that you initially complete a decision in principle which allows us to have a look over your case to see if your clients meet our lending criteria, and there's no need to register with us before submitting a decision in principle.
You can access our online form from our decision in principle page. Alternatively you can download a pdf form to complete, we'll require a scanned copy to be emailed to newbusiness@thetipton.co.uk. You're able to sign on behalf of your client at this stage.
When we receive your completed decision in principle form, we aim to get back to you within 24 hours with an initial lending decision.
To submit an application using our online submission process you must have previously completed an online decision in principle.
We don't require you to enter any information you've previously provided in a decision in principle, so there's no time wasted duplicating data. If there's any supporting documents you need to send to us, you can attach these to the application using the attachment buttons in the additional information section.
At the end of the form ensure your electronic signature has been entered and click 'Finish' to send the application direct to your client for them to add their own electronic signature. The submission process will not be complete until your clients have signed the form. You're able to save a copy of the form for your own records.
Electronic signatures will enable us to begin processing your application however we'll require a completed Direct Debit form to be sent to us by post at our Tipton head office.
If you've previously completed a paper-based decision in principle for your client or if you'd prefer to complete our paper-based application, you can download copies of our PDF forms.
When you're ready to submit an application with us, complete the form and scan a copy into us at newbusiness@thetipton.co.uk. If you send an electronic copy, we'll require the original signed document to be posted to us to confirm your clients signatures on the application form.
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- What is your lending area?
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We lend on properties located across England and Wales. The minimum property valuation is £75,000. This increases to a minimum valuation of £250,000 if the property to be mortgaged is located within the M25 corridor.
We are unable to accept applications on properties located in Scotland, Northern Ireland or the Isle of Man.
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Monday - Friday | 9:00 - 17:00 |
Saturday - Sunday | Closed |
Here for you
- Discuss your new decision in principle
- Talk through our rental income requirements
- Answer any of your buy to let questions
- Help you understand our criteria
Your property may be repossessed if you do not keep up repayments on your mortgage.