Buy To Let
Bank Rate (br) means the Bank of England 'repo rate', view the current rate here...
View our product range...
Fixed Rates
Tracker Rates
Recent product changes you need know...
- Property valuations valid for 4 months.
- 1.5% fee products withdrawn.
The things you and your clients need to know...
- If your client has assets greater than £1 million with The Derbyshire Group, we will require extra information.
- Please contact us if you have a portfolio or more than 1 property in the same development.
- For multiple applications, please refer to us before submitting a DIP to ensure that these cases are underwritten together as a multiple application.
- Based on your client's individual circumstances and requirements we may offer different terms.
- Our products are exclusive to our direct channel, selected networks, clubs and packagers.
- Our Buy To Let loans are not available for properties in Northern Ireland.
- Please also see our Buy To Let lending policy.
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Fixed Rate Products
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interest rate
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early repayment charges
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application fee
(can be added to the loan)
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'2 Year'
end date 31.10.10 (FSB171)
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7.25%
(up to 75% LTV)
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5% until 31.10.10
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2.5% of the loan
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'2 Year'
end date 31.10.10 (FSB172)
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7.50%
(up to 80% LTV)
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5% until 31.10.10
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2.5% of the loan
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'3 Year'
end date 31.10.11 (FSB173)
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7.25%
(up to 75% LTV)
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5% until 31.10.11
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2.5% of the loan
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'3 Year'
end date 31.10.11 (FSB174)
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7.50%
(up to 80% LTV)
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5% until 31.10.11
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2.5% of the loan
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Tracker Products
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interest rate
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early repayment charges
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application fee (can be added to the loan)
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Lifetime
(TSB059)
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br + 2.50%
(up to 80% LTV)
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n/a
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2.5% of the loan
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additional information about our Buy To Let products
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| Maximum LTV |
See product details for maximum LTV per product.
65% for new build houses (we won't lend on new build flats).
80% for first time buyers.
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| Reversionary Rate |
2.50% above BR (Lifetime tracker n/a).
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| minimum advance (per property) |
£50,000. |
| maximum advance (per property) |
£500,000 up to 75% LTV.
£300,000 up to 80% LTV.
(refer if above £500,000).
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| Rental Cover |
We have a tiered rental calculation, allowing 110% rental cover on those deals up to 75% LTV. Here's a full run-down on our tiered structure:
LTV
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Minimum Rental
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Up to 75%
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110%
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Up to 80%
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115%
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Buy To Let rental calculation example.
The gross monthly rental provided by the applicant will be subject to comment from the valuer.
New build houses will have a standard tiered rental income calculation and be subject to a maximum LTV of 70%.
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| Minimum Income Requirement |
- £20,000 (joint applicants: this applies to at least one applicant).
Additional income considered for rental shortfall:
Where there is a rental shortfall, your client can make up the shortfall using other income subject to the following:
- Minimum of 85% of the required rental must be serviced by the Buy to Let property in question.
- Applicant must be a home owner with good conduct on residential mortgage, if this is mortgage free, please refer.
- Full Income verification is required.
- All borrowing (secured & unsecured) must be declared and will be used as part of the Income multiple/ Affordability calculations - based on £20k income after deduction of other regular commitments.
- The rental shortfall can be made up by an amount equal to (but not greater than) the difference between the applicants’ residential mortgage and the amount calculated as 4+1 or 3.25 x joint income multiple (3.5 x if joint income exceeds £35,000).
- Maximum LTV is 80%.
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| Minimum Age |
21 |
| Portability |
All products are portable until the end date.
The Lifetime Tracker is portable until 30.09.11 |
| Capital Repayments |
10% each account year (April to March), without incurring early repayment charges. |
| Insurance |
No compulsory salt insurance (customer must insure the property for the reinstatement value recommended by the valuer) |
| Valuation Fee |
Your customer will have to pay a valuation fee. |
| Higher Lending Charge |
There is NO higher lending charge. |
| Procuration Fee |
View our procuration fees here.
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| Maximum exposure / borrower |
£5 million.
For portfolio applications, please refer to us before submitting a DIP to ensure that these cases are underwritten together as a portfolio application. |
| Please also see |
salt's lending policy for Buy To Let products |
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