At present we do not have any Buy to Let mortgage products. We will update our website if and when these products become available.
What are Buy to Let mortgages?
A Buy to Let mortgage is used when a property is to be bought and let out to tenants. Our Buy-to-Let mortgages are designed for those with small portfolios as opposed to commercial investors. We only allow up to 3 properties per borrower.
Buy to Let lending criteria:
- Maximum term of 25 years
- We only allow borrowers to have three properties with us, including the one being applied for, and no more than three properties within the total portfolio.
- There must be minimum 145% rental cover against the monthly mortgage payment stressed at a rate of interest of either the Product Rate +2% or a minimum rate of 5.5%.
- Total loan to individual/joint borrowers with Ipswich Building Society not to exceed £500,000
- Minimum loan for buy to let is £75,000.
- No new build flats, studio flats, ex-local authority flats/maisonettes, flats above 5 storeys or flats above commercial property
- Properties must be let on an approved Assured Shorthold Tenancy
- Properties must not be houses in multiple occupation (HMOs) which require licensing Letting must be on an unfurnished basis
- The let will be to an individual (includes couples and families) but not to a company or business
- The buildings insurance policy must be in joint names with the Society and provide a minimum of £1,000,000 public liability cover
- DSS tenants, multi-lets and student lets are not acceptable.
- Currently or have previously owned their own home
- Be a UK resident
- Not be in arrears with any mortgage they currently have
- Be in receipt of income from employment/self employment, pension or investment
- Have a minimum annual income of £25,000. In the case of joint applicants, one applicant must have the minimum required figure
For additional information on our mortgage packages and lending criteria, click here.