TAILORED BUY-TO-LET MORTGAGE SERVICE FOR BROKERS
PORTFOLIO LANDLORD BUY-TO-LET MORTGAGES
| Loan size | Maximum loan £5m Minimum loan £250,000 Minimum property value £100,000 |
| Arrangement fee | Arrangement fee can be added to mortgage subject to LTV |
| Income criteria | For individual/partnership borrowers, portfolio income to provide minimum ICR of 145% at higher of 5.5% or pay rate +2% For Ltd Company borrowers, portfolio income to provide minimum ICR of 125% at higher of 5.5% or pay rate +2% |
| Capital overpayments | Capital overpayments of 10% per year allowed during any early repayment charge period |
| Lending area | We do not lend on properties located outside England, Scotland or Wales or located on islands off the UK except Anglesey, Arran, Isle of Wight, Mull, Skye or Harris |
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| Term | Maximum term 10 years |
| Portfolio size | Background portfolio cannot exceed 20 properties Maximum 8 individual Cumberland mortgages per borrower |
| Tenancy | No tenancy voids or HMOs All properties to be let via AST (PRT in Scotland) |
Buy-To-Let Deals for Portfolio Landlords
Your interest rate tracks our Commercial Variable Base Rate (CVBR), currently 5.24%, less the discount shown for the first 3 years, followed by our CVBR until the end of the mortgage.
| Loan To Value | Initial interest rate for 3 years | Overall cost for comparison | Discount from CVBR | Follow on rate | Fee |
|---|---|---|---|---|---|
| 1.84% | 5.24% | 1% (of mortgage amount) | |||
Representative Example:
A mortgage of £80,000 payable over 20 years initially on this variable rate product for 3 years at 3.40% and then on our Commercial Variable Base Rate (CVBR), currently 5.24% for the remaining term of the mortgage, would require 36 monthly payments of £459.87 and 204 monthly payments of £527.81. The total amount payable would be £125,179 made up of the loan amount plus interest (£44,229) and arrangement fee (1% of mortgage amount). The overall cost for comparison is 4.9% APRC representative. What is a Representative Example?
Representative Examples include the costs associated with a typical mortgage from The Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Mortgage Illustration, please contact us directly. |
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| 1.49% | 5.24% | 1% (of mortgage amount) | |||
Representative Example:
A mortgage of £80,000 payable over 20 years initially on this variable rate product for 3 years at 3.75% and then on our Commercial Variable Base Rate (CVBR), currently 5.24% for the remaining term of the mortgage, would require 36 monthly payments of £474.31 and 204 monthly payments of £529.98. The total amount payable would be £126,141 made up of the loan amount plus interest (£45,191) and arrangement fee (1% of mortgage amount). The overall cost for comparison is 5.0% APRC representative. What is a Representative Example?
Representative Examples include the costs associated with a typical mortgage from The Cumberland. They do not take into account the information your have input into this mortgage calculator and are therefore not specific to your circumstances. For a Mortgage Illustration, please contact us directly. |
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BUY-TO-LET MORTGAGES FOR LIMITED COMPANY BORROWERS
All loans and product fees individually priced
| Applicants | Not available to customers who have 4 or more mortgaged properties - refer to Portfolio Landlord criteria above. |
| Loan size | Maximum Loan £5m Minimum loan £30,000 Minimum property value £100,000 |
| Arrangement fee | Arrangement fee can be added to mortgage subject to LTV |
| Maximum LTV | Maximum 75% LTV (65% for properties in Greater London) |
| Term | Maximum term 25 years (C&I) or 20 years (IO) |
| Income criteria | Letting income to provide minimum ICR of 125% at pay rate + 2% (minimum 5.5%) Background income from other sources may be taken into account where ICR is lower than 125% |
| Capital overpayments | Capital overpayments of 10% per year allowed during any early repayment charge period |
| Tenancy | 6 month AST |
We provide these mortgages on properties throughout England, Scotland and Wales.
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