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Family Buy to Let Mortgages
FCA Regulated ‘Family’ Buy to Let is where the property is let to a close relative.
Our individual underwriting approach can also accept earned income or other personal wealth for the affordability assessment, because when it comes to family, rental income isn’t the only consideration.
When using earned income or personal wealth (Top Slicing), rental income must be at least 100% of the monthly mortgage payment calculated at pay rate. Top Slicing is subject to product availability.
We have 2 products available
Family Buy to Let Fixed Rate until 31 March 2030 – XIB063
| Term | Fixed until 31 March 2030 |
| Initial Rate1 | 5.59% |
| Overall Cost For Comparison2 | 7.3% APRC |
| MAX LTV3 | 75% |
| Early Repayment Charge | 3% until 31 March 2028, then 2% until 31 March 2029 and then 1% until 31 March 2030 |
| Product Fees | £199 application fee, £999 completion fee |
- The £199 Application Fee is non-refundable and payable at the point of application
- The Completion Fee can be paid before completion or added to the loan. If the Completion Fee is added to the loan amount, interest will be charged on the amount of the fee and this will be reflected in the monthly repayment over the term of the mortgage
A £1,000 Completion Fee added to the loan amount would increase in value over the term of the mortgage and an illustrative example is provided below based on a static rate over a 10, 15 or 25 year term.
Fee Amount |
Rate |
Value of the fee with interest at 10 years |
Value of the fee with interest at 15 years |
Value of the fee with interest at 25 years |
| £1,000 | 8.64% | £1,864.00 | £2,296.00 | £3,160.00 |
Family Buy to Let 2 Year Discounted Variable Rate – DIB092
| Term | 2 years |
| Initial Rate1 | 5.54% variable |
| Overall Cost For Comparison2 | 8.2% APRC |
| MAX LTV3 | 75% |
| Early Repayment Charge | 2% in Year 1, 1% in Year 2 |
| Product Fees | £199 application fee, £999 completion fee |
- The £199 Application Fee is non-refundable and payable at the point of application
- The Completion Fee can be paid before completion or added to the loan. If the Completion Fee is added to the loan amount, interest will be charged on the amount of the fee and this will be reflected in the monthly repayment over the term of the mortgage
A £1,000 Completion Fee added to the loan amount would increase in value over the term of the mortgage and an illustrative example is provided below based on a static rate over a 10, 15 or 25 year term.
Fee Amount |
Rate |
Value of the fee with interest at 10 years |
Value of the fee with interest at 15 years |
Value of the fee with interest at 25 years |
| £1,000 | 8.64% | £1,864.00 | £2,269.00 | £3,160.00 |
Definitions
1. Initial Rate
The Initial Rate is the rate available during the initial term of the mortgage. Once the initial rate term has expired, the mortgage will either revert to our Standard Variable Rate (SVR), or a follow-on rate that is a discount off our SVR. Our SVR is set by us and is currently 8.64%, as a variable rate it may go up or down. Our follow-on rate is 1.74% below our SVR (currently 6.90% variable) and will go up or down with changes to our SVR.2. Overall Cost for Comparison
The Overall Cost for Comparison is given as the Annual Percentage Rate of Charge (APRC) and includes all charges incurred relating to the mortgage. The APRC is intended to help you as a borrower compare the interest rates on different products.3. Max LTV
Like all other mortgage lenders, we will allow you to borrow against a proportion of the overall property value. This is known as Loan to Value (LTV) and is expressed as a percentage. For example, if you want to purchase a property at £100,000 and you would like to borrow £85,000, then you will need a mortgage available at 85% Loan to Value (LTV). The available LTV can vary depending upon the type of mortgage. Shared Ownership mortgages will offer two percentages under LTV - the proportion of the property value and the proportion of the share being purchased.Your home may be repossessed if you do not keep up repayments on your mortgage
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