Leek
United Building Society Buy-To-Let Mortgages
Leek United Building Society Buy-To-Let Mortgage
Buy
to Let is a mortgage scheme specially designed for individuals
who own or wish to purchase a second property for investment
purposes. Small portfolios can be accommodated within the
scheme.
Features
- Flexible
lending criteria
- No
charge for approval of first tenancy agreement*
- Purchase
or remortgage
*A
charge will be made for any subsequent tenancy agreements.
Please refer to the
Society’s ‘Mortgage Charges’ leaflet.
Leek United Building Society Buy-To-Let Mortgage Terms
-
Minimum loan £45,000
- Maximum
LTV 75%
- Maximum
loan will be calculated on the applicants earned income
(minus annual commitments) to ensure it covers any outstanding
Residential Mortgage balance (using income multiples of
4 + 1.5 or joint x 3) with a maximum loan available up to
£500k.
- If
earned income does not cover the residential mortgage balance,
a maximum LTV of 50% would apply up to a maximum loan of
£250,000.
- Rental
income must be at least 130% of mortgage interest at the
Society's standard variable rate of interest.
- Property
must be let on an Assured Shorthold Tenancy basis for a
maximum period of 12 months.
- Acceptable
property types are houses and purpose built flats (maximum
4 storey block) within the geographical lending area of
England and Wales.
- No
studio, freehold and ex-council flats, bedsits, DSS, students,
houses converted into flats or multiple occupation.
- 3%
interest redemption charge will be made if the mortgage
is repaid in whole or part within 3 years from completion.
- Where
the Society’s building insurance is not taken out an
administration fee of £25 is payable. Prior to completion,
the Society will need to be satisfied that the insurance
cover meets its minimum requirements. Full details available
on request.
To
apply, complete the Society’s standard application form
together with the Assets and Liability Statement and the Tenancy
Schedule form on their website.
Caution
Before investing in the residential letting market there are
many costs and risks to be considered and appropriate professional
advice should always be obtained. The Society's provision
of buy to let funding does not endorse the viability of any
residential property investment.
For
further information on a Leek United Building Society Buy-To-Let
Mortgage visit the Leek United Building Society Website.
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