We have years of experience helping landlords with their Buy to Let Mortgages and we regularly review our criteria to help you meet the needs of your clients.
We offer:
- lending up to 75% LTV
- a maximum loan amount of £1.5 million per case
- no charge for a mortgage valuation for mortgage purposes where the property is worth less than £1.5 million on all BTL applications – purchase and remortgage
- lending to individual landlords with portfolios of up to ten properties (maximum of five mortgaged with Skipton)
- gifted deposits accepted on all BTL applications
- basic rate tax payers (Landlords) stressed at 125% at 7.05% (or 5.99% if taking a fixed product of 5 years or more)
- 100% of rental income can be used (UK Land and Property Income as shown on SA302, 2 years SA302s will be required).
Portfolio landlords
For BTL landlords with portfolios of four or more mortgaged BTL properties, the following criteria apply:
- minimum guaranteed earned income of £45k (and net rental income can be included in the total) or £60k for joint applications
- stressed at 145% @ 7.05% (or 5.99% if taking a fixed product of 5 years or more)
- any background properties will be assessed at 145% @ 6%
- completion of our simple portfolio cash flow document [PDF].
Any of our BTL products can be used for portfolio landlords.
If your client has a Skipton savings or mortgage account they can have up to 10 free EPC Plus Home Energy Reports for the Residential or Buy-to-Let properties they own.
The EPC Plus Home Energy Report offer is available to home-owning members of Skipton Building Society, for homes constructed more than 10 years ago. See our full offer Terms and Conditions [PDF].
EPC Plus is provided by Vibrant Energy Matters Limited, who are owned by Connells Group, a Skipton Building Society Group company. EPC Plus is not regulated by the Financial Conduct Authority.
Buy To Let calculator
When assessing BTL cases we will use the following calculations:
Portfolio Landlords/Higher Rate Tax Payers
A stress rate of 145% x 7.05% will apply (or 5.99% if a fixed product of 5 years or more is required).
For Portfolio BTL landlords any background properties will be assessed at 145% x 6%.
Basic/Nil rate taxpayers
A stress rate of 125% x 7.05% will apply (or 5.99% if a fixed product of 5 years or more is required).
Do not use this calculator if top-slicing is required. Please refer to our separate top-slicing criteria.
Minimum submission criteria
Our usual minimum submission requirements for a BTL application are:
- latest full month's payslip
- latest month's bank statement, (this may not be required for Like for Like Remortgage applications)
- Latest P60 – required only if using other income from employment in addition to basic income
- 2 years SA302s and latest months evidence of rental income (i.e. bank statement of invoice from letting agent) – required only if using Rental Income (Profit from UK land & property)
- 3 months business bank statements and either an Accountant’s Certificate or latest 2 years' accounts or latest 2 years SA302 plus latest 1 year accounts – required if Self Employed
- cash flow document [PDF] (for Portfolio Landlord applications only)
For full details of our Buy to Let lending criteria please see our A-Z Lending Criteria.
To find out more about how we can help your clients with their BTL requirements, contact your local BDM or get in touch with our team.