Buy to Let and Holiday Let Up to £500k*
Buy to Let and Holiday Let Information
Buy to Let Criteria Key Points
We will accept up to three Buy to Let mortgages and up to one Holiday Let mortgage per customer.
These Buy to Let mortgages must not exceed a total value of £2m. This does not include Holiday Let mortgages and your clients residential mortgage.
Holiday Let Criteria Key Points
- Maximum loan up to £500,000.
- We offer Holiday Lets at Buy to Let rates up to 75% LTV.
- We accept a maximum of one mortgaged Holiday Let in the portfolio.
- Properties must not be in a holiday park or have any restrictions on occupancy.
- Minimum age of 21 and will need to be repaid on or before the eldest applicant's 76th birthday
- In addition to our usual packaging requirements we also request a local holiday letting agency letter confirming the weekly letting rates for the property for the low, mid and high seasons. We will then take an annual average and apply 145% at 5.5%.
Annual figure £16,000 divided by 12 = monthly figure
Average = £550 x 30 weeks = £16,500. This amount must cover 145% of the mortgage repayment at a rate of 5.5% p.a on an interest only basis.
For further detail please take a look at our full lending criteria
*Subject to meeting lending criteria
You and your clients could enjoy a number of benefits with our Buy to Let mortgages whether you're looking for a variety of LTVs or competitive rates, our Buy to Let range includes:
Valuations are instructed on Day One - we instruct the property valuation as soon as the full application is submitted.
Free legals - We offer a service that is designed to take care of the legal work on a re-mortgage, most of our products come with free legals on a re-mortgage (see product guide).
Product Features - All of our products allow for overpayments, customers can pay 10% per year without ERC. We also have tiered ERC's on the majority of our products.
Porting - All products are portable to a new property subject to a standard full application and underwriting.
Our Buy to Let products may suit a variety of your clients including:
First time landlords/those with a small portfolio. We accept first time landlords however we do not provide Buy to Let mortgages to first time buyers.
Clients seeking a property investment
Buy to Let may seem an attractive option for those looking for a one-off investment as a source of income for clients wishing to accept the risks that come with property investment.
However we are unable to offer our Buy to Let Mortgages to the following:
- Properties outside of England and Wales.
- First time buyers.
- Landlords with more than 3 mortgaged Buy to Lets in the portfolio.
- Landlords with more than 1 Holiday Let in the portfolio.
For a full overview of eligibility please view our lending criteria.
A consumer Buy to Let is a mortgage on a property where:
- The applicant does not own other Buy to Let properties and
- The applicant or related person has previously lived in the proposed security.
Buy to Let Information
- Please note we don’t currently offer an AIP facility for Buy-to-Let’s, please proceed straight to a full application.
- Principality Brokerpoint is for the use of Principality registered Intermediaries only and is not intended for public or customer use. If you've come to our Intermediaries website by accident, you can click here to find your way to www.principality.co.uk, our main website.
Useful Telephone Numbers
|Intermediary Support Desk||0330 333 4021|
|New Business Enquiries||0330 333 4021|
|Case Updates||0330 333 4029|
|Brokerpoint Registrations||0330 333 4029|
|Opening Times||Mon - Fri 9am - 5pm|