To help make our New Business Premier Buy to
Let criteria quicker for you to reference and easier
to understand we have put all of the key
points in one place. This has been split up into
handy sections which can be viewed using the quick links below.
Alternatively, to view our New Business Premier Buy to Let
products click on the links below.
Product details
All products are portable
Administration fee is non-refundable
Arrangement fee may be added to the loan
Reversionary rate:
Up to 65% LTV - 5.00% (BBR* +
4.50%)
*If BBR falls below 0.50% the initial/reversionary rate will be
charged at 0.50% + product initial/reversionary rate loading
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Loan details
Rental calculation: The following Interest Coverage Ratios
(ICR) will apply to the applicant with the highest gross
income:
- Standard
rate tax payer (20%) - 128% ICR
- Higher/Additional rate tax payer (40% & 45%) -
145% ICR
The only exception is for a Higher/Additional rate tax payer
requesting a BTL remortgage replacing the existing mortgage £ for £
where the minimum ICR is 128% with the following qualifying
rules:
- The
property was purchased prior to January 2017
- No further
borrowing after January 2017
The ICR must cover the monthly repayment which is based on the
BTL stressed interest rate.
Not available in Northern Ireland
Not available to first time buyers
maximum portfolio exposure 3 Buy to Let properties totalling
£1.5m. If the customer also has their main
residential
mortgage with the Co-operative Bank,
Britannia or Platform, total exposure including this residential
loan must not exceed £2m.
Maximum 3 total properties owned with all lenders
Remortgage only available on a £ for £ basis.(Where mortgage
cannot be found on the credit search a recent mortgage statement
will be required)
| Loan
Purpose |
Maximum LTV |
Minimum loan
amount |
Maximum
loan amount
|
Minimum term |
Maximum term |
| Purchase |
65% |
£350,001 |
£500,000
|
5 years |
40 years** |
|
Remortgage £ for £ |
65% |
£350,001 |
£500,000
|
5 years |
40 years** |
**Maximum Age at expiry of mortgage term is 75.
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Applicant details
One applicant must be an owner occupier, where second
applicant is not they must be married/cohabiting at the same
address
Minimum Household income £60,000 - from minimum single or joint
income
Minimum age is 25 for BTL products.
Maximum age is 75 at the end of the term.
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Fee
details
| Introducer fee |
0.48%
(max £2,400)
|
|
Property valuation |
Valuation fee |
Additional home buyer fee |
Additional Fee For Building Survey |
| Up to
£100,000 |
£118 |
£140 |
£376 |
| £100,001 to
£150,000 |
£135 |
£175 |
£402
|
| £150,001 to
£200,000 |
£149 |
£213 |
£432 |
| £200,001 to
£250,000 |
£179 |
£220 |
£438 |
| £250,001 to
£300,000 |
£204 |
£231 |
£450 |
| £300,001 to
£400,000 |
£264 |
£270 |
£466 |
| £400,001 to
£500,000 |
£310 |
£314 |
£505 |
| £500,001 to
£600,000 |
£354 |
£370 |
£575 |
| £600,001 to
£700,000 |
£413 |
£401 |
£595 |
| £700,001 to
£800,000 |
£464
|
£440 |
£625 |
| £800,001 to
£900,000 |
£515 |
£484 |
£634 |
| £900,001 to
£1,000,000 |
£549 |
£535 |
£690 |
| £1,000,001 to
£1,250,000 |
£695 |
£550 |
£844 |
| £1,250,001 to
£1,500,000 |
£834
|
£536 |
£1,005 |
| £1,500,001 to
£1,750,000 |
£935 |
£709 |
£1,204 |
| £1,750,001 to
£2,000,000 |
£1,030 |
£799 |
£1.409 |
| £2,000,001 to
£2,250,000 |
£1,210 |
£810 |
£1,529 |
| £2,250,001 to
£2,500,000 |
£1,390 |
£829 |
£1,649 |
| £2,500,001 to
£2,750,000 |
£1,570 |
£850 |
£1,769 |
| £2,750,001 to £3,000,000 |
£1,751 |
£869 |
£1,888 |
| Over
£3,000,000 |
By
negotiation |
By
negotiation |
By negotiation |
|
Telegraphic transfer fee
|
£0 |
| Higher lending
charge |
None |
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The information
contained within this section is for use by mortgage intermediaries
authorised by the FCA.
Information is not to be disclosed or
given to the public or is intended as a consumer advertisement as
it does not provide APRCs or APRC Representative Examples.
The Co-operative Bank p.l.c. is
authorised by the Prudential Regulation Authority and regulated by
the Financial Conduct Authority and the Prudential Regulation
Authority (No. 121885). The Co-operative Bank, Platform, smile and
Britannia are trading names of The Co-operative Bank p.l.c., P.O.
Box 101, 1 Balloon Street, Manchester M60 4EP. Registered in
England and Wales No.990937. Credit facilities are provided by The
Co-operative Bank p.l.c. and are subject to status and our lending
policy. The Bank reserves the right to decline any application for
an account or credit facility. The Co-operative Bank p.l.c.
subscribes to the Standards of Lending Practice which are monitored
by the Lending Standards Board.
Calls to 0800 and 0808 numbers are free from landlines and
mobiles. Calls to 03 numbers cost the same as calls to numbers
starting with 01 and 02. Calls to 0845 and 0870 numbers cost 3p per
minute, plus your phone company’s access charge. Calls to 0844 and
0843 numbers cost 7p per minute, plus your phone company’s access
charge. Calls may be monitored or recorded for security and
training purposes.