Contact our expert mortgage team today by calling 01228 403312 or email intermediaries@cumberland.co.uk
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As a broker, you’ll be looking to pair up your customer with just the right lender for their Buy to Let property. A lender with over 20 years’ experience in the buy to let industry. A relationship managed service provider with real people reviewing each case on an individual basis. A lender where kinder banking comes naturally and a ‘computer says no’ approach just doesn’t exist. As a broker, you’ll find that The Cumberland value your customers, just as much as you do.
We are proud to offer a fully relationship managed service to our customers, so we're always on hand when you need us. We are committed to delivering a personal service that’s kinder to people – we make it our priority to get to know you as the broker, the needs of your client and the intricacies of their business from the outset.
| Tenure | Properties can be freehold or leasehold with a minimum of 85 years left on the lease at the start of the mortgage and 50 years on maturity
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| Income | Amateur Landlords (individuals or partnerships): Must have a minimum main employed income (or pension or dividend income) of at least £25,000, excluding any benefits payments; and is able to demonstrate cash savings/other assets to cover a minimum of 3 months mortgage payments; and owns & occupies an existing residential property. Amateur Landlords (Limited Companies): No minimum background income Criteria. Portfolio Landlords (Individuals, Partnerships & Limited Companies): No minimum background income criteria. Background portfolio cannot exceed 20 properties. Maximum 8 individual Society BTL loans per borrower. |
| Fees | Arrangement fees will apply. Free valuations up to £750k loan amount, on selected products only. Legal fees are met by borrowers. |
| Limited companies | Limited Company borrowers must be incorporated in the UK and beneficial owners must be resident in the UK |
| Residency | Individual borrowers must be resident in the UK |
| Construction | We are unable to mortgage property which is a temporary or movable structure |
| Tenancy Agreement | Tenancy agreement should be on Assured Shorthold Tenancy basis or in Scotland Private Residential Tenancy Basis, with maximum term of 6 months, with any existing tenancy agreement having commenced after 1 March 1997. All properties have an Energy Performance Certificate (EPC) with a rating of E or higher or higher or a suitable exemption for properties in England and Wales |
For products less than 5 years, annual Rental Income should be minimum of 145% of Annual Mortgage Interest at stressed rate of 5.5%, or pay rate plus 2% if higher.
If 5 year fixed rate product, annual Rental Income should be minimum of 145% of Annual Mortgage Interest at stressed rate of 4.5%, or pay rate plus 1% if higher.
For customers who have existing Buy-to-Let properties, the ICR is calculated of the subject property along with the existing portfolio, stressed at our product rate +1% or 4.5% whichever is the highest.
For products less than 5 years, annual Rental Income should be minimum of 125% of Annual Mortgage Interest at stressed rate of 5.5%, or pay rate plus 2% if higher.
If 5 year fixed rate product, annual Rental Income should be minimum of 125% of Annual Mortgage Interest at stressed rate of 4.5%, or pay rate plus 1% if higher.
For customers who have existing Buy-to-Let properties, the ICR is calculated of the subject property along with the existing portfolio, stressed at our product rate +1% or 4.5% whichever is the highest.
For products less than 5 years, annual Rental Income should be minimum of 145% of Annual Mortgage Interest at stressed rate of 5.5%, or pay rate plus 2% if higher.
For products of 5 or more years, annual Rental Income should be minimum of 145% of Annual Mortgage Interest at stressed rate of 4.5%, or pay rate plus 1% if higher.
For customers who have existing Buy-to-Let properties, the ICR is calculated of the subject property along with the existing portfolio, stressed at our product rate +1% or 4.5% whichever is the highest.
For products less than 5 years, annual Rental Income should be minimum of 125% of Annual Mortgage Interest at stressed rate of 5.5%, or pay rate plus 2% if higher
For products of 5 or more years, annual Rental Income should be minimum of 125% of Annual Mortgage Interest at stressed rate of 4.5%, or pay rate plus 1% if higher.
For customers who have existing Buy-to-Let properties, the ICR is calculated of the subject property along with the existing portfolio, stressed at our product rate +1% or 4.5% whichever is the highest.
Contact our expert mortgage team today by calling 01228 403312 or email intermediaries@cumberland.co.uk