Your questions answered

Life is full of surprises. But a mortgage shouldn't be. That's why we want to give you the chance to learn as much as you can about our Buy to Let mortgages right here and now.

We hope we've covered all the things you might want or need to know below.

But if you still have a question we haven't answered, or if you want to speak to one of our Mortgage Specialists, you can call us on 0845 603 6096*.

* Lines are open Mon-Fri 8.30am - 6pm, Sat 10am-1pm. All calls will be recorded for training and monitoring purposes.

How many BTL properties can I have?

We can give you mortgages for up to 5 Buy to Let properties on top of the mortgage on your own home, so you can build a portfolio of properties with us.

Is there an age restriction?

You must be 21 or over to take out a Buy to Let mortgage.

What if I'm a first time buyer?

Sorry, at least one applicant on any Buy to Let property must be a second time buyer.

How much can I borrow?

Unlike an ordinary residential mortgage, the amount you can borrow with a Buy to Let from Bristol & West Mortgages is based upon the expected rental income rather than your personal income.

How much rental income do I need?

The rental income must be on an unfurnished basis and be equal to or greater than:

  • 100% of your monthly interest repayments if the product you have chosen is fixed or capped for 3 years or more

OR

  • 118% of your monthly interest repayments for all other mortgages.

How much deposit will I need?

We'll lend you up to 90% of the purchase price (or of the valuation price, if it's lower than the purchase price). This means you will have to put down at least 10% of the purchase price as a deposit.

What are the minimum and maximum loan sizes?

Generally the least we'll lend you is £15,001 if you're buying a property and £25,001 if you're remortgaging an existing property. The most we'll lend you is £500,000.

What type of tenants can I have?

Your tenants must be standard residential tenants (unfortunately we do not accept holiday lets, multiple occupation tenancies or your relatives). Department of Work and Pensions are acceptable. Student lets are acceptable (maximum of 4 tenants). There must be an Assured Shorthold Tenancy in place (or Shorthold Assured Tenancy in Scotland). This is an agreement which basically gives the landlord the right to have the property back at the end of the tenancy term.

What if I can't rent out the property?

You must keep up your mortgage repayments regardless of whether you have tenants in the property. If you want the flexibility of being able to take payment holidays, consider our easyflex Buy to Let mortgage.

Alternatively, make sure you can pay the mortgage out of other income during periods when you are not receiving rental income.

What fees will I pay?

We charge a range of fees to cover our reasonable administrative costs. These may include the following and vary from product to product:

  • For most of our mortgages we'll charge an arrangement fee for setting up your mortgage, which is paid on completion and can be added to the mortgage
  • Some mortgages have a non refundable booking fee paid in advance of application
  • If you repay all or part of your loan before the end of the promotional period, we may charge you an Early Repayment Charge to cover any losses we may otherwise incur
  • We charge new customers a lending fee of £195.00. This fee is for making a loan under a new mortgage. The fee becomes due on completion but you can defer payment until the mortgage is fully repaid. We will assume that you want to defer payment unless you tell us otherwise. We will not charge interest on the fee in the meantime. We will not be entitled to vary the fee if you choose to defer payment
  • When you repay the whole of the loan you must pay us any mortgage release fee we charge at the time of repayment
  • If you repay part of your loan we'll charge you a part repayment administration fee to cover our costs
  • A £30 fee when we send money for your mortgage by CHAPS (Clearing House Automated Payment System).

Please note that we may vary our administration fees during the course of your mortgage to reflect our costs.

Can I add the arrangement fee to my mortgage?

Yes, you can. Don't forget we'll add the fee to the total mortgage and interest will be charged on it.

Can I make overpayments?

Yes. You can pay up to 10% of the mortgage balance each year without incurring any early repayment or administration charges. Subject to a minimum payment of £2,000, based on the outstanding balance as at the previous 31st March.

Are free legal fees available?

On some mortgages we will pay the legal fees when you remortgage with us. This offer applies only to standard remortgages where our nominated solicitors, Legal Marketing Services (LMS), do the legal work. LMS act for us only - if you need any legal advice/work done, please instruct your own solicitor.

Are there any geographical restrictions?

We lend in England, Scotland & Wales. Sorry, but we don't lend in Northern Ireland.

What about buildings insurance?

When you take out a mortgage you must have buildings insurance to protect against fire, structural damage and other mishaps. To make it simpler for you to arrange it, we've teamed up with Zurich Insurance. Or if you prefer, it's fine for you to arrange your own cover. Then, once we're happy with your choice, we'll charge £25 to cover our administration costs.

If you have questions about easflex, please click here.