Intermediary Buy-to-Let Mortgage Range For Remortgages

Transcription

1 Intermediary Buy-to-Let Mortgage Range For Remortgages To contact your local Skipton Intermediary Relationship Manager please visit skipton-intermediaries.co.uk or call the Intermediary Support team * FOR INTERMEDIARY USE ONLY NOT INTENDED FOR PUBLIC USE

2 Some of the key reasons to use Skipton Building Society We provide you with A dedicated intermediary sales force Procuration fees paid 10 working days after completion Direct access to underwriters. We provide your clients with We do not... Cross-sell on life and home insurance Take references For most products, charge an early repayment fee on the first 10% of the amount of the original loan repaid in any one year. Daily interest Payment holidays Realistic affordability calculations. A guide to our Buy to Let service LTV Please note, where separate interest rates apply for different Loan-to-Values (LTVs), a change in the valuation or loan required may mean your client is ineligible for the rate they originally applied for. In this instance you will be advised of the change and asked if you still wish to proceed with your client s application. Before submitting a full application you may wish to take advantage of the Decision in Principle facility to ensure the case fits our criteria. Direct Debits All our mortgages are conditional on monthly payments being made in advance by Direct Debit on the 1 st of each month. All interest rates include a Direct Debit discount of 0.25%. If the Direct Debit is cancelled for any reason, the Direct Debit discount will be removed. Remortgages Remortgages qualify for free standard legal fees and a free standard valuation. There may be some additional legal costs payable where the remortgage is above 1,000,000. A free standard valuation is available on properties valued up to 1,500,000. If you require a Homebuyers Report or Buildings Survey then the additional cost associated with this report will be incurred by you. Incentives available to a maximum of one application per applicant(s). Some selected home purchases may also qualify for a free valuation, please check your Mortgage Illustration for full details. Product fees Fees payable at application are non-refundable. Where your client has opted to pay fees up front, these must be received by the Society before any mortgage offer is issued. Any fees payable, with the exception of application and valuation fee, are fully refundable in the event of non-completion. Procuration fees Skipton will pay a gross procuration fee of 0.50% on all introduced Buy-to-Let business. There is a minimum loan of 25,000 and a maximum loan of 500,000. Further information Our mortgage products can be withdrawn without notice Any mortgage offer we make will be valid for six months and is not transferable to different properties It is our usual practice to send the mortgage loan to the conveyancer by electronic payment, and a charge of 6 will be payable. Our BTL products are provided solely for the use of landlords in the purchase or remortgage of properties which are or will be let to non family related tenants. SVR was the base rate applying to mortgages taken out before 30 December The BRT revert rate applies to mortgages taken out between 30 December 2009 and 13 November MVR is the base rate applying to mortgages taken out from 14 November Should your client be on a product linked to, or which changes to SVR or the BRT revert rate, and move to a product which is linked to or changes to MVR, it is not possible to subsequently move back to SVR or BRT. Definitions/ abbreviations are found in the Mortgage Guide (pages 9 and 10). Under NO circumstances are BTL products to be used to finance owner occupation. Any cases found not meeting this criteria will automatically be cancelled & any fees forfeit.

3 ERC (Early Repayment Charge) Where no ERC applies or the ERC period has expired, interest to the end of the month of redemption is payable on redemption, and unlimited overpayments can be made. However, where there is a 10% overpayment allowance, this is per annum and cannot be rolled over. Application checklist - Minimum Submission Signed Application Form (inc DD) 4 Payslips Latest P60 Accounts Bank Statements Asset & Liability Statement ID & Address Verification New Build Incentives Form Latest 1 (full) Month Latest P60 (only required if using other income in addition to basic income) Latest 2 years accounts or latest 2 SA302 plus latest 1 year s account Latest 1 (full) Month To be completed when customer has over 2 BTL properties System to electronically validate may be required in some circumstances Required on all new build properties Valuation Fees These are payable with the application except where stated, and include a non-refundable Valuation Panel Manager s Fee of 26 for arranging and administering the Society s valuation. This fee should be shown in your client s Mortgage Illustration. Minimum property value / purchase price (whichever is the lowest) 50,000. Purchase Price/Estimated Val/Ultimate Value Buy To Let Up to 100, , , , , , , , , , , , , , , , , , , , , , , , , , , ,001-1,000, Free valuations if applicable on qualifying products are up to a maximum purchase price/estimated valuation/ultimate value of 1,500,000. See the product specification for details. Skipton Building Society is a member of the Building Societies Association and Financial Ombudsman Service. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority under registration number for accepting deposits, advising on and arranging mortgages and insurance. *To help maintain service and quality, some telephone calls may be recorded and monitored. Stock Code: _12/04/16

4 MAX LTV CURRENT PAY RATE APPLICATION FEES subject to the Society s lending criteria (see enclosed for details) (payable on application NON-REFUNDABLE) COMPLETION FEES (debited on completion) Fixed Rate 2 Year Buy-to-let Fixed Rate For Remortgages 2.09% 0 1,995 60% 2.29% % % 0 1,995 70% 2.59% % % 0 1,995 75% 2.75% % 0 0 PRODUCT TERM & REVERT RATE OVERPAYMENTS ALLOWED EARLY REPAYMENT CHARGES INCENTIVES Fixed rate until 31/08/2018 For the remainder of the term of the mortgage, changing to our Buy-to-let Mortgage Variable Rate (BMVR), currently 5.19% Available for remortgages only Yes, 10% of original loan each year without ERC to 31/08/2018 2% until 31/08/2017 1% until 31/08/2018 Free standard mortgage valuation and legal fees

5 MAX LTV CURRENT PAY RATE APPLICATION FEES subject to the Society s lending criteria (see enclosed for details) (payable on application NON-REFUNDABLE) COMPLETION FEES (debited on completion) Fixed Rate 5 Year Buy-to-let Fixed Rate For Remortgages 3.09% 0 1,995 60% 3.26% % % 0 1,995 70% 3.65% % % 0 1,995 75% 3.71% % 0 0 PRODUCT TERM & REVERT RATE OVERPAYMENTS ALLOWED EARLY REPAYMENT CHARGES INCENTIVES Fixed rate until 31/08/2021 For the remainder of the term of the mortgage, changing to our Buy-to-let Mortgage Variable Rate (BMVR), currently 5.19% Available for remortgages only Yes, 10% of original loan each year without ERC to 31/08/2021 5% until 31/08/2018 4% until 31/08/2019 3% until 31/08/2020 2% until 31/08/2021 Free standard mortgage valuation and legal fees