Mortgage Lending criteria
Product
5.88% Fixed for 5 Years
5.98% Variable
Notes: We have not verified this information with the lender. Ask us to confirm any aspects that are important to you. The main features of this mortgage will be confirmed in the Key features Illustration. Please ask your broker for a Key features Illustration
back to buy to let best buys
back to buy to let best buys
Product
5.88% Fixed for 5 Years
5.98% Variable
None
Advances
Upto £600,000 75% LTV
Notes
Mortgage NOT portable
- Mortgage is NOT for First time buyers
Maximum 2 Buy to let properties with Aldermore mortgages (plus 1 residential property), subject to a total exposure of £1m
Overpayments of up to £5,000 can be made in any 12 month period, without incurring an early repayment charge. If you do make an overpayment, then the amount you owe and the interest you are charged will reduce from the date the overpayment is credited to your account.
Overpayments totalling more than £5000 in any 12 month period will incur the early repayment charge(s) detailed in Section 10.
This mortgage includes a facility for additional secured borrowing. You can apply for additional secured borrowing after 6 months, subject to satisfactory conduct of your account and our lending policy at that time.
We may change the Aldermore Managed Rate before or after the mortgage starts under Condition 10 of the Aldermore Bank PLC Residential Mortgage Conditions 2010.
Buy to Let : Accepted
Capital Rest Period : Daily
Repayment Types
Repayment Yes
Endowment Yes
PEP Yes
Pension Yes
Interest only (no RV) Yes
With Profits Yes
Unit Linked Yes
ISA Yes
Split Repayment No
Fees
Arrangement : £1,999 On completion
Booking : None
Early Repayment Charges
5% of loan to be paid within first year, Then 4% of loan to be paid for next year, Then 3% of loan to be paid for next year, Then 2% of loan to be paid for next 2 Years
Higher Lending
None
Valuation
Basic:
upto £100,000 - £220
upto £200,000 - £290
upto £300,000 - £360
upto £400,000 - £430
upto £500,000 - £480
upto £700,000 - £600
upto £1,000,000 - £740
upto £2,000,000 - £980
Min Valuation £75000
Completion fees will be deducted from the advance on completion.
The valuation fee is not refundable once the valuation has been carried out. The applicant(s) will always pay Aldermore the standard valuation fee. Where the applicant(s) require a more detailed report, the Valuer will be instructed to collect the additional fee direct from the applicants.
Lenders Conveyancing Fee - £300.00 Payable on completion. Conveyancing fee, payable to your solicitor before the mortgage starts. The figure quoted here is an estimate and covers the work carried out for Aldermore bank PLC in setting up this mortgage. The total conveyancing fee may be higher.
Electronic Funds transfer Fee - £30.00 Payable on completion.
Mortgage Discharge Fee - £90.00 Payable on early redemption.
Acceptable Property Types
Freehold Flat No
Purpose Built Flat Yes
Converted Flat Yes
Flat Over Shop Yes
Maisonette Yes
Studio Flat No
Flying Freehold No
Thatched Yes
Timber Framed Yes
Concrete No
Agricultural Tie No
Flat Over 4 Storeys Yes
Listed Building Yes
Not Accepted
Over four storeys accepted if there is a
lift.
New build, newly converted and freehold flats or freehold maisonettes are not accepted
Non standard construction are not accepted.
Freehold or leasehold (with 40 unexpired years at end of term and 60 years at completion).
- 125% coverage at the product pay rate or reversion rate (whichever is higher).
- Applicants must own at least 1 existing Buy to Let property.
- Assured Shorthold Tenancy (AST) required, for a maximum of one year.
- Property cannot be occupied by family members.
Accepted Locations : England, Wales
Requirements
Bank Statements No
At Least 3 Months Pay Slips No
P60 Yes
Proof Of Residency Yes
Life Policy To Be Assigned No
Previous Lender References No
Insurance
Buildings Conditional
Conditions On Loan
Min Loan £50,000
Max Loan £600,000
Max Portfolio of BTL Loans none
Min Age 21 years
Max Age 75 years
Min Term 10 years
Max Term 35 years
Aldermore reserve the right to ask for further documentation.
Latest Payslip or P60 or SA302 required.
Proof of conduct required for all mortgages.
Vendor / Builder deposits maximum 5%.
Maximum of two applicants.
The property must be adequately insured under an acceptable buildings insurance policy.
Foreign Citizens Not Accepted
Ex-Patriates Not Accepted
Income Multipliers
Based on Income > 0
Refer to rental income calculations
Min months in current position 3
Min months in continuous service 3
Min no. of years accounts 2
Average years taken to calculate income 3
Will consider declining profit Yes
Outgoings
Self employed
Certified accounts covering the last two years.
Residential affordability calculation - please refer to website for
mortgage calculator.
Rental income at 125% based on payrate or revision rate, whichever is higher.
Mininum Income £10000
Hire Purchase Taken into account
Personal Loans Taken into account
Overdraft NOT Taken into account
Credit/Store Cards Taken into account
Child Maintenance Taken into account
Child Education Taken into account
Extra Income:-
Other Income - Guaranteed Add 100% to income before multiply
Other Income - Regular Add 100% to income before multiply
Other Income - Irregular Add 50% to income before multiply
Investment Income Add 100% to income before multiply
Mortgage Subsidy Add 100% to income before multiply
Large Town Allowance Add 100% to income before multiply
Maintenance Payments No
Non Contributory Pension Add 100% to income before multiply
Car Allowance Add 100% to income before multiply
Remortgage Max LTV Max% increase
Remortgage Not Available
Adverse Credit
CCJs : Not Acceptable
Defaults : Not Acceptable
Arrears : Not Acceptable
Bankrupt : Not Acceptable
Current IVA : Not Acceptable
Repossession : Not Acceptable
