GMAC RFC Buy to Let Criteria

LTV / loan size:

Loan size 25,001 - 300,00 Max 85% purchase and remortgage.
Loan size 25,001 400,000 Max 75% purchase and remortgage.
Loan size 25,001 500,000 Max 65% purchase and remortgage.

Minimum 25,001, maximum 500,000 per property. Maximum 25 properties in total with cumulative value not exceeding 3 Million. Not available to FTBs.

Great News! New Buy to Let products with a choice of rental assessments from 100%.

Multiples:Conventional income multiples are not used. Instead, the valuer must confirm the anticipated or actual gross monthly income. This must be greater than 100% of the monthly mortgage payment calculated on an interest only basis.

Repayment method: Repayment or Interest Only, or a combination of both.

Arrangement fee: 495. May be added at completion beyond maximum Loan To Value.

General insurances: None compulsory. If building insurance cover is not to be provided by way of our block policy then we will charge an administration fee of 40.

Term: Minimum 5 years, Maximum 30 years.

Employed/self-employed: Buy to Let mortgages are deemed to be self funding. However applicants are required to state occupation and income on the application form.

Loan purpose: Purchase of investment properties, let on an assured shorthold tenancy basis within 3 months of purchase. NB: Multiple tenancies, DSS, diplomatic immunity lets and sub-letting are unacceptable. Neither the borrower(s) nor their family may reside in the property(ies).

Location: England, Wales and mainland Scotland.

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