Bank of Scotland buy to let (A guide)

In this guide, we are going to discuss the bank of Scotland buy to let.

Bank of Scotland buy to let

The bank of Scotland does offer a residential buy to let mortgages at the time of writing.

If you are looking for a bank of Scotland buy to let mortgage then you may be better off searching for a buy to let mortgage broker who may be able to advise you on your mortgage options outside of the bank of Scotland buy to let.

Bank of Scotland residential buy to let mortgage

Bank of Scotland does offer a residential buy to let mortgage.

A residential buy to let mortgage is when you have a place of residence which you want to rent out.

Features of the bank of Scotland buy to let mortgage:

You may Borrow from £25,001 (maximum of £15m per customer).

This mortgage has  Loan terms available from 3 to 25 years.

You may borrow up to 70% of the value of the property(70% LTV)  and in some cases Bank of Scotland may lend more.

You may be able to have capital repayment holidays may be available.

If you choose a fixed rate*, your repayments will remain the same even if Bank of England Bank Rate rises or falls.

If you repay part or all of your fixed rate mortgage before the end of the agreed term a breakage fee may apply**.

If you wish to borrow on other terms  then Bank of Scotland may still be able to help you.

Arrangement fees, security and valuation charges will apply.

How to apply?

You can apply for this mortgage by calling Bank of Scotland on:0345 606 0286

You can find more information about this mortgage here.

How to apply for a buy to let mortgage?

To apply for a Bank of Scotland buy to let mortgage you may want to first contact a mortgage broker.

Mortgage brokers are important as they can access single person mortgage products from across the whole of the market in some cases. This could be over 11,000 buy to let mortgage products. This may have some advantages than going directly to a mortgage lender.

A mortgage broker will look to understand your financial circumstances and then provide recommendations on which buy to let mortgage products may be suitable for you.

After giving you these mortgage recommendations, most mortgage brokers will seek your consent to apply for a mortgage in principle. 

This will allow you to shop for your home easier as more estate agents and sellers may take you seriously. Once you have found a home you want to buy the mortgage broker will then look to get you a mortgage offer.

This will come with a key facts illustration document which details out the features of your mortgage including how much you will pay per month if there are any limits such as early repayment fees, or annual overpayment limits.

If you are happy with everything you can then go on to secure your single person mortgage with the help of a conveyancer.

In this brief guide, we discussed the bank of Scotland buy to let. If you have any questions or comments please let us know.

If you need financial advice and you live in the UK then you could contact the Money Advice service over the phone or via chat for impartial advice.

You can also contact the debt charity “Step Change” if you are in debt and need help.