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 easyflex right here and now.

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

But if there is still a question of yours we haven't answered, or at any time you want to speak to one of our Mortgage Specialists, you can call us on 0845 603 6096* to discuss your easyflex needs.

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

Is there an age restriction?

You must be 18 or over to take out an easyflex mortgage. If you are a Self Certification or Buy to Let applicant, the minimum age to take out a mortgage is 21.

What if I'm a first time buyer?

You can take out any easyflex mortgage as a first time buyer. If you're applying for a Buy to Let mortgage, at least one applicant must be a second time buyer.

How much can I borrow?

It depends on what you earn, how much you want to borrow and whether you are borrowing as a couple. The basic figure that we'll lend you is 4.5 times your salary or 4 x a joint salary, and no more than 95% of the property value for Standard mortgages, and 90% of the property value for Self Certification and Buy to Let mortgages. For full details, please see our lending criteria.

How much deposit will I need?

The most we will lend you is 95% of the purchase price for Standard mortgages, and 90% of the purchase price for Self Certification and Buy to Let mortgages. This means you will have to pay 5% of the purchase price as a deposit for Standard mortgages, and 10% for Self Certification and Buy to Let mortgages.

What are the minimum and maximum loan sizes?

For Standard mortgages generally the least we will lend you is £15,001 if you're buying a property and £25,001 if you're remortgaging an existing property. The most we will usually lend you is £1 million. If you want a mortgage of over £1 million please contact us to discuss.

For Self Certification generally the least we will lend you is £25,001 if you're buying a property and £25,001 if you're remortgaging an existing property. The most we will usually lend you is £500,000.

For Buy to Let mortgages 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 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 before you apply
  • 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 might 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
  • If you borrow more than 85% of the purchase price, we may charge a one off Higher Lending Charge
  • 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 31st March of the previous year.

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?

You will need buildings insurance as a condition of your mortgage to protect against fire, structural damage, etc. We have teamed up with Zurich Insurance to make it simple to take out buildings insurance. Or you can arrange your own cover, in which case we'll charge £25 to cover our administration costs once we've confirmed your provider meets our criteria. Zurich can also help with contents insurance to protect all your possessions.

How I can protect my mortgage repayments?

You should also consider how you would pay your mortgage if you couldn't work because of an accident, sickness or unemployment. We've got together with specialist insurers Pinnacle to offer complete Mortgage Payment Protection Insurance. When you take out a mortgage with us, a specialist from Zurich Insurance or Pinnacle may call to discuss your needs

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.

How much can I borrow on a Buy to Let easyflex?

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 on a Buy to Let?

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.

What type of tenants can I have?

Your tenants must be standard residential tenants (unfortunately we don't accept students, holiday lets, multiple occupation tenancies or your relatives.) There must be an Assured Shorthold Tenancy in place (or Short 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 term of the tenancy.

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. With this mortgage if you have overpaid, you can take payment holidays to this value if there's a break in tenancy.

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