Buy-to-let Mortgages

In keeping with our philosophy, we offer one simple and easy to understand buy-to-let mortgage product. You won’t find any unnecessary fees, tie-in periods or complex product features, just a straightforward and adaptable mortgage that makes it easy for you to concentrate on your property investment portfolio.

SRBS will lend on most residential properties, e.g. houses, bungalows, purpose built or converted leasehold flats and maisonettes (up to the fourth floor). Leasehold properties must have at least 50 years remaining on the lease at the end of the mortgage term. Buy to let mortgages are currently available in the local area only.

The features of our buy-to-let mortgage are:

Current variable rate: 4.50%*
Minimum loan: £5,000.
Maximum loan: The maximum loan is 50% of the lower of purchase price or valuation** maximum £500,000
Max Loan to Value: 50% of the property value **
Maximum term:

 

 25 years for repayment mortgages. For interest only mortgages the Society will agree a term appropriate to your circumstances
Income: Income is assessed on the same basis as domestic mortgages.  The Society will consider income from all sources, and will reduce the maximum advance so calculated by the amount owing on any other mortgages.
Repayment methods: Repayment or interest-only
Valuation charges at cost:       (non refundable)

 Property value   Fee                                                <  £50,000       £100                      <£100,000       £140                               <£150,000       £170                               <£200,000       £200                               <£250,000       £230                                <£300,000       £260                                <£350,000       £290                                <£400,000       £320                              <£450,000       £350                                       <£500,000       £380                                <£750,000       £400                                    <£1,000,000    £500                                              Re-inspection   £  60                                        Revaluation      £  80

Your cheque must accompany your application form.
Early repayment charge: NIL
Tie in periods: NIL
Payment holiday fee: NIL
Overpayments: YES - no penalties apply
Underpayments: YES (subject to conditions)
Administration fees: NIL***
Buildings and Contents Cover Applicants must arrange their own cover to comply with the conditions set out in the offer letter.
Legal fees: See 'important information' section

*Interest rate is for single-family unit. Multi-occupancy rate is 4.99%, e.g. students. This is not an APR.

** If you wish to borrow in excess of 50% of valuation the Society will consider a secured guarantee to cover the shortfall. Please ask the Society for further details.

*** A charge of £35 may sometimes be imposed, but borrowers will always be advised in advance and told what they need to do to avoid paying such fees.

© Stafford Railway Building Society, 4 Market Square, Stafford, ST16 2JH

Stafford Railway Building Society is regulated by the Financial Services Authority, register number 206063, www.fsa.gov.uk/register

The information contained on this site is to provide guidance to prospective borrowers and should not be interpreted as a statement of Society policy. All mortgage applications are subject to an appraisal of the financial standing of the applicant(s) and any guarantor(s).

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.