Premier Buy to Let criteria
To help make our 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.
Product details >
Loan details >
Applicant
details >
Fee details >
Alternatively, to view our Premier Buy to Let products click on
the links below.
View our Premier Buy to Let products
>
View
our Premier Let to Buy products
>
Product details
All products are portable
Administration fee is non-refundable
Arrangement fee must be added to the loan
Reversionary rate:
Up to 65% LTV - 5.00%
(BBR + 4.50%)
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Loan details
Rental calculation - 125% of pay
rate or reversionary rate, whichever is higher
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 group,
total exposure including this residential loan must not exceed
£2m.
Maximum 10 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** |
**Subject to maximum age criteria. If the term of the mortgage
goes beyond the projected retirement age as declared by the
applicant, Platform will decline the application or exclude this
income for joint applications.
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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 income £60,000 single or joint (Proof required)
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 |
| AVM |
£20 |
N/A |
| Up to £75,000 |
£105 |
£220 |
| £75,001 to £100,000 |
£115 |
£220 |
| £100,001 to £150,000 |
£135 |
£230 |
| £150,001 to £200,000 |
£165 |
£235 |
| £200,001 to £250,000 |
£200 |
£250 |
| £250,001 to £300,000 |
£225 |
£300 |
| £300,001 to £350,000 |
£255 |
£370 |
| £350,001 to £400,000 |
£295 |
£370 |
| £400,001 to £500,000 |
£355 |
£370 |
| £500,001 to £600,000 |
£420
|
£405 |
| £600,001 to £700,000 |
£490 |
£435 |
| £700,001 to £800,000 |
£540 |
£485 |
| £800,001 to £900,000 |
£600 |
£525 |
| £900,001 to £1m |
£670 |
£555 |
| £1m - £1.5m |
£970 |
By negotiation |
| £1.5m - £2m |
£1,160 |
By negotiation |
| £2m - £2.5m |
£1,410 |
By negotiation |
| £2.5m - £3m |
£1,660 |
By negotiation |
|
Buildings insurance administration fee
one off fee if buildings insurance is not
arranged through Legal & General
|
£30 |
| Telegraphic transfer
fee |
£15 |
| Higher lending
charge |
None |
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