Our Range of Buy to Let Mortgages This guide gives you the specific rates, features and prices of our current Buy to Let range. Please note that different stress rates and criteria apply for Portfolio Landlords (four or more d BTL properties), please see our A-Z lending criteria for full details. Our products can be withdrawn at any time and without notice. As per our Real Life Lending Charter we ll give you five working days to submit pipeline business after a withdrawal. checklist With minimal submission documentation, applications can be processed very quickly. Below is the checklist of items required from your client for a : Completed emortgage application, including direct debit details and signed declaration Evidence of applicants deposit. If gifted deposit, confirmation that no interest or capital is repayable Latest month s bank statement showing salary credit Latest P60 required only if using non-guaranteed bonus, commission or overtime Latest full month s payslip (four if paid weekly) For self-employed applicants; o Latest two years finalised accounts or o Latest one year s accounts plus two SA302s or Accountant s certificate Any s where your client has not chosen to add them to the loan New Build s form (required on all New Build properties) ID + address verification may be required in some circumstances, where our system is unable to validate electronically. To contact your local Skipton Intermediary Relationship Manager please visit skipton-intermediaries.co.uk or call the Intermediary Support team 0345 600 1469 FOR INTERMEDIARY USE ONLY Stock Code: 311579_14/03/2018 Page 1
Contents A guide to our service... 3 Fixed Rate Mortgages for Purchase and Re... 4 Fixed Rate Cashback Mortgages for Purchase and Re (For New Mortgages Only)... 6 Base Rate Tracker Variable Rate Mortgages for New Purchase and Re... 7 Fixed Rate Mortgages for Existing Skipton Mortgage Customers Only... 8 Page 2
A guide to our service and completion s Buy to Let CHAPS Direct Debits Discounts s LTV Offers Procuration s Product Transfers Follow on rates Valuation s Please refer to the rate tables for details of any s payable. Fees payable at application are nonrefundable. Any completion s which your client has opted to pay up front must be received before we will issue any offer. These will be refundable if the loan does not complete. (except application and valuation s). Our BTL Products are provided solely for the use of landlords in the purchase or of properties which are or will be let to non-family related tenants. It is our usual practice to send the loan to the conveyancer by CHAPS and a charge of 6 will be debited to your client s account. If your client has elected to do this they will incur interest on a daily basis as part of the balance. Otherwise your client must pay this prior to offer, where your client elects to pay up-front in order to avoid incurring additional interest. All our s are conditional on monthly being made in advance by Direct Debit on the 1st 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. All discount periods apply from the end of the month in which completion takes place if no fixed end date is quoted. A floor applies to all discounted products in this guide. Unless specifically stated otherwise for a particular product, this floor is 0% i.e. no pay rate will ever be less than 0%. Where no ERC applies, or the ERC period has expired, unlimited over can be made. Where there is a 10% overpayment allowance, this is per annum and cannot be rolled over. Some s qualify for free legal s, providing your client uses the Skipton Re Conveyancing Service, and a free There may be some additional legal costs payable where the loan is above 1,000,000. For products offering a free valuation this is only available on properties valued up to 1,500,000. Where separate interest rates apply for different 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 should use our Decision in Principle facility to ensure the case fits our criteria. Mortgage offers are valid for six months (except additional borrowing offers which are valid for one month) and are not transferable to different properties. Skipton will pay a gross procuration of 0.50% on all introduced Buy to Let business. There is a minimum loan of 25,000 and a maximum loan of 750,000. All products (excluding products) are available for product transfers via our emortgages system and are eligible for a retention proc payment. SVR was the base rate applying to s taken out before 30 December 2009. The BRT revert rate applies to s taken out between 30 December 2009 and 13 November 2012. BMVR is the base rate applying to s taken out from 14 November 2012. 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 BMVR, it is not possible to subsequently move back to SVR or BRT. If applicable, these are payable with the application except where stated, and include a non-refundable Valuation Panel Management Fee of 26 for arranging and administering the Society s This should be shown in your client s Mortgage Illustration. Minimum property valuation/purchase price (whichever is the lowest) is 50,000 ( report and valuation only). If your client changes the property to another during the process, and the original property has already had a free a valuation will apply to the second property or any further property. Page 3
Fixed Rate Mortgages for Purchase and Re Please read these tables with all the information we ve provided in this guide 2 Year Buy to Let Fixed Rate Mortgages for Purchase and Re all cost for Until the rate is fixed at 1.59 Until the rate is fixed at 2.19 4.6% APRC 0 1,995 60% 4.4% APRC 0 0 2% 30/09/2019 1% Until the rate is fixed at 1.69 Until the rate is fixed at 1.91 Until the rate is fixed at 2.39 4.7% APRC 0 1,995 4.6% APRC 70% 0 995 4.7% APRC 0 0 2% 30/09/2019 1% Until the rate is fixed at 2.67 4.7% APRC 75% 0 0 2% 30/09/2019 1% A representative example for a 2 Year Buy to Let Fixed Rate Mortgage for Purchase and Re The 4.7% APRC is calculated based on the : an Interest Only of 70,000 payable over 20 years and 8 months, initially on a rate fixed at 2.67% and then our BMVR variable rate currently 4.94% for the remaining term would require 24 monthly of 155.76 and 224 monthly of 288.19. The total amount payable would be 138,295.32 made up of the loan amount plus interest and a CHAPS of 6. The interest rates quoted 3 Year Buy to Let Fixed Rate Mortgages for Purchase and Re all cost for Until 30/09/2021 the rate is fixed at 1.99 Until 30/09/2021 the rate is fixed at 2.25 4.4% APRC 0 995 60% 4.4% APRC 0 0 3% 30/09/2019 2% 1% 30/09/2021 30/09/2021 Until 30/09/2021 the rate is fixed at 2.30 4.6% APRC 75% 0 995 3% 30/09/2019 2% 1% 30/09/2021 30/09/2021 A representative example for a 3 Year Buy to Let Fixed Rate Mortgage for Purchase and Re The 4.6% APRC is calculated based on the : an Interest Only of 100,000 payable over 22 years and 0 months, initially on a rate fixed 30/09/2021 at 2.30% and then our BMVR variable rate currently 4.94% for the remaining term would require 36 monthly of 193.58 and 228 monthly of 415.78. The total amount payable would be 202,771.99 made up of the loan amount plus interest, a completion of 995 and a CHAPS of 6. The interest rates quoted Page 4
5 Year Buy to Let Fixed Rate Mortgages for Purchase and Re all cost for Until the rate is fixed at 2.05 Until the rate is fixed at 2.29 Until the rate is fixed at 2.39 4.1% APRC 0 1,995 4.2% APRC 60% 0 995 4.1% APRC 0 0 5% 4% 30/09/2021 3% 30/09/2022 2% Until the rate is fixed at 2.40 Until the rate is fixed at 2.81 4.3% APRC 0 1995 70% 4.3% APRC 0 0 5% 4% 30/09/2021 3% 30/09/2022 2% Until the rate is fixed at 2.59 Until the rate is fixed at 2.89 4.3% APRC 0 995 75% 4.4% APRC 0 0 5% 4% 30/09/2021 3% 30/09/2022 2% A representative example for a 5 Year Buy to Let Fixed Rate Mortgage for Purchase and Re The 4.4% APRC is calculated based on the : an Interest Only of 70,000 payable over 20 years and 8 months, initially on a rate fixed at 2.89% and then our BMVR variable rate currently 4.94% for the remaining term would require 60 monthly of 168.59 and 188 monthly of 288.19. The total amount payable would be 134,298.28 made up of the loan amount plus interest and a CHAPS of 6. The interest rates quoted Page 5
Fixed Rate Cashback Mortgages for Purchase and Re (For New Mortgage Customers Only) These products do not include free legal s Please read these tables with all the information we ve provided in this guide 2 Year Buy to Let Fixed Rate all cost for Mortgages with Cashback for Purchase and Re Until the rate is fixed at 2.59 4.7% APRC 70% 0 0 2% 30/09/2019 1% 350 A representative example for a 2 Year Buy to Let Fixed Rate Cashback Mortgage for Purchase and Re The 4.7% APRC is calculated based on the : an Interest Only of 75,000 payable over 19 years and 7 months, initially on a rate fixed at 2.59% and then our BMVR variable rate currently 4.94% for the remaining term would require 24 monthly of 161.88 and 211 monthly of 308.77. The total amount payable would be 144,033.75 made up of the loan amount plus interest and a CHAPS of 6. The interest rates quoted 3 Year Buy to Let Fixed Rate Mortgage with Cashback for Purchase and Re all cost for Until 30/09/2021 the rate is fixed at 2.61 4.5% APRC 60% 0 0 3% 30/09/2019 2% 1% 30/09/2021 30/09/2021 500 Until 30/09/2021 the rate is fixed at 2.85 4.6% APRC 70% 0 0 3% 30/09/2019 2% 1% 30/09/2021 30/09/2021 500 A representative example for a 3 Year Buy to Let Fixed Rate Cashback Mortgage for Purchase and Re The 4.6% APRC is calculated based on the : an Interest Only of 75,000 payable over 19 years and 7 months, initially on a rate fixed 30/09/2021 at 2.85% and then our BMVR variable rate currently 4.94% for the remaining term would require 36 monthly of 178.13 and 199 monthly of 308.77. The total amount payable would be 142,856.49 made up of the loan amount plus interest and a CHAPS of 6. The interest rates quoted 5 Year Buy to Let Fixed Rate Mortgages with Cashback all cost for Until the rate is fixed at 2.69 4.2% APRC 60% 0 0 5% 4% 30/09/2021 3% 30/09/2022 2% 500 Until the rate is fixed at 2.99 4.4% APRC 70% 0 0 5% 4% 30/09/2021 3% 30/09/2022 2% 500 A representative example for a 5 Year Buy to Let Fixed Rate Cashback Mortgage for Purchase and Re The 4.4% APRC is calculated based on the : an Interest Only of 75,000 payable over 19 years and 7 months, initially on a rate fixed at 2.99% and then our BMVR variable rate currently 4.94% for the remaining term would require 60 monthly of 186.88 and 175 monthly of 308.77. The total amount payable would be 140,246.29 made up of the loan amount plus interest and a CHAPS of 6. The interest rates quoted Page 6
Base Rate Tracker Variable Rate Mortgages for New Purchase and Re Please read these tables with all the information we ve provided in this guide 2 Year Base Rate Tracker Variable Rate Mortgages Rates % all cost for While based on BoEBR, any rate change will come into effect 14 days after a BoEBR change. Early Repayment Charge (ERC) Product Floor s For 2 years from completion based on BoEBR, currently 0.50%, plus 1.80% giving a current pay rate of 2.30 4.6% APRC 60% 0 495 None While based on BoEBR, pay rate will never fall below 2.05% valuation legal s for s. Unlimited For 2 years from completion based on BoEBR, currently 0.50%, plus 1.90% giving a current pay rate of 2.40 4.7% APRC 75% 0 495 None While based on BoEBR, pay rate will never fall below 2.15% valuation legal s for s. Unlimited A representative example for a 2 Year Base Tracker Variable Rate Mortgage for Res The 4.7% APRC is calculated based on the : an Interest Only of 145,000 payable over 21 years and 10 months, for 2 years on a variable rate based on BoEBR +1.90%, giving a pay rate of 2.40% and then our BMVR variable rate currently 4.94% for the remaining term would require 24 monthly of 291.00 and 238 monthly of 598.97. The total amount payable would be 295,034.53 made up of the loan amount plus interest, CHAPS of 6 and completion of 495. The interest rates quoted 3 Year Base Rate Tracker Variable Rate Mortgages Rates % all cost for Early Repayment Charge (ERC) Product Floor s For 3 years from completion based on BoEBR, currently 0.50%, plus 2.05% giving a current pay rate of 2.55 4.6% APRC 75% 0 0 0.5% for 3 years from date of completion While based on BoEBR, pay rate will never fall below 2.55% valuation legal s for s 10% per annum for 3 years from date of completion. A representative example for a 3 Year Base Rate Tracker Variable Rate Mortgage for Res The 4.6% APRC is calculated based on the : an Interest Only of 160,000 payable over 21 years and 10 months, for 3 years on a variable rate based on BoEBR +2.05%, giving a pay rate of 2.55% and then our BMVR variable rate currently 4.94% for the remaining term would require 36 monthly of 340.01 and 226 monthly of 658.69. The total amount payable would be 321,102.39 made up of the loan amount plus interest and CHAPS of 6. The interest rates quoted Page 7
Fixed Rate Mortgages for Existing Skipton Mortgage Customers Only Please read these tables with all the information we ve provided in this guide 2 Year Buy to Let Fixed Rate Mortgages Rates % all cost for Notes Until the rate is fixed at 1.99 4.6% APRC 60% 0 495 2% 30/09/2019 1% Only available for existing Skipton customers. Until the rate is fixed at 2.22 4.7% APRC 75% 0 495 2% 30/09/2019 1% Only available for existing Skipton customers. A representative example for a 2 Year Buy to Let Fixed Rate Mortgage for Res The 4.7% APRC is calculated based on the : an Interest Only of 100,000 payable over 22 years, initially on a rate fixed at 2.22% and then our BMVR variable rate currently 4.94% for the remaining term would require 24 monthly of 185.91 and 240 monthly of 413.70. The total amount payable would be 204,245.74 made up of the loan amount plus interest. The interest rates quoted include a 0.25% direct debit discount. Page 8