Key features – Buy to Let Further Loans

‘OK, what are the facts I need to know about getting a further loan?’

You should find all the key features to further lending below. However if anything is still unclear, do not hesitate to give us a call on 08706 072 072*

Repayment Term – This can be the same as your mortgage term or a shorter one if you want to pay the loan off sooner. The minimum term you can arrange the further advance over is 5 years.

Eligibility – We will need to assess your application on an individual basis, however you will need to have had a buy to let mortgage that has been running for at least 6 months. You will also need to have some equity built up in the property and have a rental cover of at least 120%.

Secured – A Further Loan is secured on your property – like an extension of your mortgage and it’s a great way to take advantage of the equity in your property without having to sell up. If you are looking to borrow without having the loan secured on your home you may want to consider a personal loan instead.

Amount – The amount we lend will be based on the equity in the property and the rental cover.

Purpose – You can use a Further Loan for just about anything, as long as it’s legal!

Costs – All Further Loans carry a Further Loan arrangement fee of £299. You may also be required to pay for a valuation if one is required.