arrangement fee
1.25%
This fee can be paid upfront or added to the mortgage amount. If the fee is added to the mortgage then interest will be payable on the fee at the same rate as the mortgage.
booking fee
no fee
This fee must be paid on application. We are unable to accept payment of the fee by credit card.
initial rate
2.99%
3.15% discount from our BTLVR for 3 years
followed by our BTLVR
6.14%
The overall cost for comparison is
5.6%
APRC
Discounted for 3 years . Early Repayment Charges apply. . This product may be withdrawn at any time.
Product key features
- Who's the product for?
- Product related fees
- Product incentives
- Mortgage amounts
- Interest rate floor
- Mortgage repayment terms
- Early Repayment Charges
Who's the product for?
Our ex-pat buy to let products are available to expatriates residing in countries that are included in the Financial Action Task Force (FATF) approved list and the UAE (subject to individual case assessment) with some exceptions. Please contact us directly to discuss acceptable countries.
Your client must be aged 21 or over and the term can’t run beyond the eldest borrowers 85th birthday.
Your client must also earn at least £20,000, or local currency equivalent. If they are a self-employed professional landlord, we’ll accept rental income as a source of income.
Your client must hold a valid notice address in the UK. A solicitor's or family member's address is acceptable.
Your client must also hold a UK bank account. The mortgage payments and rental payments must be serviced by the same UK bank account.
Experienced landlords and self-employed
If your client currently has a buy to let property, or if they've had one in the last 12 months we’ll accept them as an experienced landlord.
Expected rental income must cover 125% of the mortgage payment amount on a rate of 5.5%*.
*or the applicable fixed rate if 5 years or longer.
First time landlords
If your client has not held a property on a buy to let basis during the previous 12 months, we will class them as a first time landlord.
The rental income must cover 140% of the mortgage payment amount on a rate of 5.5%*.
*or the applicable fixed rate if 5 years or longer.
Portfolio size
We will consider the application as long as the landlord’s portfolio does not exceed three mortgaged properties upon completion across all lenders.
General exclusions
The following application types aren’t accepted:
- Studio or one bedroom apartments;
- Local authority flats, flats in block of more than four storeys or flats above commercial premises;
- Applications from limited companies;
- Applications where you’ll occupy the property either now or in the future, will be let to a family member, or where up to 40% is occupied by the owner with the remainder let; and
- Multiple occupancy lets, DSS tenants, student let or sub-letting.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Product related fees
There is an arrangement fee of 1.25% of the mortgage amount that can be deducted from the mortgage advance or added to the amount borrowed. Please note, if your client chooses to add the fee to their mortgage, interest will be charged at the same rate as the mortgage.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Product incentives
Legal fees cashback: Clients must nominate their own solicitor but will receive £250 cashback from the society towards their legal fee costs.
Free standard valuation: We'll cover the cost of one standard mortgage valuation on a property valued up to £400,000, which is equivalent to £350 contribution towards the cost of a standard valuation. Your client can choose to have a RICS Homebuyers Report, however they'll have to cover the difference in cost.
YOUR PROPERTY 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 loan amount on this product is tiered by loan to value:
- Up to 50% LTV: a maximum loan amount of £950,000
- Up to 60% LTV: a maximum loan amount of £700,000
- Up to 70% LTV: a maximum loan amount of £500,000
The maximum loan to value available is 70%.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Interest rate floor
The interest rate is floored meaning it cannot fall below 2.99%.
YOUR PROPERTY 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 PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Early Repayment Charges
Your client can overpay up to 10% of the original mortgage amount each year.
Any overpayments taking your client over this allowance will be subject to the full Early Repayment Charge. The Early Repayment Charge will be:
- 3% of the amount repaid during the first year;
- 2% of the amount repaid during the second year; and
- 1% of the amount repaid during the third year.
YOUR PROPERTY 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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- How do I get an update on my case?
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If you've submitted a full application and know the name of your designated Case Officer please call us on 0121 521 4048 and ask for your Case Officer, who'll be happy to help. If you're at the decision in principle stage of your application please call our Business Development Team on 0121 521 4000 or email newbusiness@thetipton.co.uk.
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- Will you consider lending into retirement?
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Our Retirement Interest Only product range allows your client to use the sale of their property as their repayment strategy (provided they are receiving pension income and have a minimum of 40% equity in the property).
In contrast to our standard later life lending products, our RIO mortgages have no fixed term, and can run until a life changing event occurs.
If your client wishes to gift some equity to a family member, enjoy some holidays or give their home a face-lift with some home improvements, up to 25% of the property value can be released for these purposes.
Joint applications for a RIO mortgage can be considered when both applicants are aged 55 or over, and can satisfy affordability checks individually.
With our standard later life lending products, your clients can borrow up to their 95th birthday, meaning your clients can borrow into retirement or if they’re already retired.
With our Standard Later Life products, if both applicants are retired but cannot prove affordability in sole name, applications will be considered where there is enough equity available to downsize to a two bedroom flat/house within 5 miles of the mortgage property.
For more information please discuss your case with our Business Development Team by calling 0121 521 4000 or emailing newbusiness@thetipton.co.uk.
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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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- 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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Happy to help you...
- Discuss your clients buy to let needs
- Help with your existing buy to let case
- Discuss our buy to let lending criteria
- Process your decision in principle request
Faye is here to help you with your case
0121 521 4045*
Our lines are open:
*Calls from landlines are charged at the standard rate. Calls from mobiles may vary.
| Monday - Friday | 9:00 - 17:00 |
| Saturday - Sunday | Closed |
Your property may be repossessed if you do not keep up repayments on your mortgage.