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
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| Income | Amateur Landlords (Individuals & Partnerships): Annual income of above £25,000 (or £50,000 with 100% rental coverage where top slicing is required). Amateur Landlords (Limited Companies): Annual income of above £25,000 (or £50,000 with 100% rental coverage where top slicing is required). Portfolio Landlords (Individuals, Partnerships & Limited Companies): Annual income of above £25,000 (or £50,000 with 100% rental coverage where top slicing is required). 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 |
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 145% of annual mortgage interest at stressed rate of 5.5%, or product rate +2% if higher.
For products fixed for a period of 5 years or more, annual rental income should be minimum 145% of annual mortgage interest calculated using the product rate.
For remortgages with no additional borrowing, annual rental income should be minimum 145% of annual mortgage interest calculated using the product rate.
Where a capital & interest mortgage is required, evidence DCR at 125% coverage with a further check that ICR is met at 145%. Both DCR and ICR must be met.
For products less than 5 years, annual rental income should be minimum 125% of annual mortgage interest at stressed rate of 5.5%, or product rate +2% if higher.
For products fixed for a period of 5 years or more, annual rental income should be minimum 125% of annual mortgage interest calculated using the product rate.
For remortgages with no additional borrowing, annual rental income should be minimum 125% of annual mortgage interest calculated using the product rate.
Where a capital & interest mortgage is required, evidence DCR at 110% coverage with a further check that ICR is met at 125%. Both DCR and ICR must be met.
For products less than 5 years, annual rental income should be minimum 145% of annual mortgage interest at stressed rate of 5.5%, or product rate +2% if higher.
For products fixed for a period of 5 years or more, annual rental income should be minimum 145% of annual mortgage interest calculated using the product rate.
For remortgages with no additional borrowing, annual rental income should be minimum 145% of annual mortgage interest calculated using the product rate.
Where a capital & interest mortgage is required, evidence DCR at 125% coverage with a further check that ICR is met at 145%. Both DCR and ICR must be met.
For products less than 5 years, annual rental income should be minimum 125% of annual mortgage interest at stressed rate of 5.5%, or product rate +2% if higher.
For products fixed for a period of 5 years or more, annual rental income should be minimum 125% of annual mortgage interest calculated using the product rate.
For remortgages with no additional borrowing, annual rental income should be minimum 125% of annual mortgage interest calculated using the product rate.
Where a capital & interest mortgage is required, evidence DCR at 110% coverage with a further check that ICR is met at 125%. Both DCR and ICR must be met.
Contact our expert mortgage team today by calling 01228 403312 or email intermediaries@cumberland.co.uk
Download a copy of the Buy to Let Application form.
From April this year, landlords with qualifying income above £50,000 have been required to comply with Making Tax Digital (MTD) for Income Tax.
For over 30 years, The Cumberland has worked alongside brokers and borrowers across the country, supporting people with very different goals - from purchasing their first holiday let to growing established portfolios. Those conversations have
given us a real appreciation of how varied this market is and how quickly it can change.
A husband-and-wife team have fulfilled their lifelong dream of owning a home in the Cumbrian countryside by turning it into their first hospitality venture thanks to support from The Cumberland Building Society.