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Family Buy to Let Fixed Rate until 31 August 2029 – XIB059

A mortgage exclusively available for borrowers wishing to purchase or remortgage a property to let out to a family member.

Key Details

Term Fixed until 31 August 2029
Initial Rate1 5.99%
Overall Cost For Comparison2 7.9% APRC
MAX LTV3 75%
Early Repayment Charge 3% until 31 August 2027, then 2% until 31 August 2028 and then 1% until 31 August 2029
Product Fees £199 application fee, £999 completion fee

Product Fees

  • The £199 Application Fee is non-refundable and payable at the point of application
  • The Completion Fee can be paid before completion or added to the loan. If the Completion Fee is added to the loan amount, interest will be charged on the amount of the fee and this will be reflected in the monthly repayment over the term of the mortgage

A £1,000 Completion Fee added to the loan amount would increase in value over the term of the mortgage and an illustrative example is provided below based on a static rate over a 10, 15 or 25 year term.

Fee Amount
Value of the fee with interest at 10 years
Value of the fee with interest at 15 years
Value of the fee with interest at 25 years
£1,000 8.89% £1,889.00 £2,333.50 £3,222.50


Mortgage calculator


Representative Example

A mortgage of £135,000.00 payable over 25 years initially on a fixed rate of 5.99% until 31 August 2029 and then on our current standard variable rate of 8.89% for the remaining 19 years 8 months would require 63 monthly payments of £870.24 and 236 monthly payments of £1,082.36 plus one initial interest payment of £684.92.

The total amount payable would be £312,707.00 made up of the loan amount, plus interest and fee(s) totalling £177,707.00. This includes Application Fee (£199), Valuation Fee (£157), Legal Fees (£255), Chaps Fee (£25), Completion Fee (£999) and Redemption Administration Fee (£125).

The overall cost for comparison is 7.9% APRC representative.

A representative example is designed to help understanding of the typical cost of this mortgage. This is not an illustration and is only provided as an example.

Mortgage Product Features

  • The Initial Rate is fixed until 31 August 2029, after which the Society’s standard variable rate (SVR) will apply
  • Minimum loan size £50,000
  • Maximum loan size £500,000 for any single property
  • A repayment of capital up to a maximum of 10% of the original advance will be allowed each calendar year during the product term without incurring an Early Repayment Charge
  • An Early Repayment Charge of 3% will apply if the mortgage is redeemed at any time before 31 August 2027, followed by 2% until 31 August 2028, followed by 1% until 31 August 2029. The Early Repayment Charge is a percentage of the balance at the point of redemption
  • Valuation fee is payable by the customer
  • Legal fees are payable by the customer
  • Rental income must be at least 125% of the monthly mortgage payment calculated at 5.99% on an interest only basis
  • As part of our Underwriting process we reserve the right to verify the tenant’s income
  • Where property is let to a close relative, the mortgage is regulated by the Financial Conduct Authority (FCA)

This product is subject to change or withdrawal without notice


Will the interest rate change?

The interest rate is fixed until 31 August 2029 and if our Standard Variable Rate (SVR) reduces during this time, you will not benefit from any reductions to your monthly mortgage payments. When you come to the end of the fixed rate term, we will write to you again to offer you another new deal and you can either choose to accept this deal, remortgage to another lender, or should you do nothing, revert onto our Standard Variable Rate (SVR). If you revert onto our SVR after the fixed rate term, the interest rate becomes variable and may go up or down.

Will I be charged if I repay my mortgage?

Borrowers can make overpayments between 1 January and 31 December each year during the fixed rate period of up to 10% of the original loan amount without incurring an Early Repayment Charge.

Any lump sum payments or regular overpayments received in a single calendar year, which in total exceed 10% of the original loan amount will incur an Early Repayment Charge on the amount of the excess. The Early Repayment Charge is a percentage fee of your current balance.

Any Early Repayment Charge will be waived if a new consecutive mortgage for at least the amount outstanding at the time of redemption is taken out with us. If a new mortgage for at least the amount outstanding at the time of redemption is taken out with us within 3 months of full repayment then any early repayment charge will be refunded.

How much are valuation fees?

The fee charged is normally based on the purchase price of the property at the time of inspection. Where the purchase price is preferential or where the price is not known at the time of inspection, the fee charged will be based on the valuation figure. Unless otherwise stated in the product features, a basic valuation fee is payable by the applicant(s).

You can find out more including the fee scale in our Mortgage Valuation Fees document.

Important Information

Unless otherwise stated, our mortgage products are available for house purchase or remortgage. All our mortgage products are subject to availability and can be withdrawn at any time.

All mortgage applications are manually underwritten by our experienced underwriters and are subject to a full assessment against our lending criteria.

It is important that you take time to read and understand the mortgage product features detailed above and the information about our Residential or Buy to Let mortgages detailed in the General Information Guides.

How to Apply

All of the mortgages shown are available direct from us via our qualified sales team, please call on the number above, request a call back, or submit a detailed contact request to find out more.

To get an indication of whether this mortgage is right for you, you can use our repayment calculator to see what the potential monthly repayments might be.

Your home may be repossessed if you do not keep up repayments on your mortgage


1 The Initial Rate is the rate available during the initial term of the mortgage. Once the initial rate term has expired, the mortgage will either revert to our Standard Variable Rate (SVR), or a follow-on rate that is a discount off our SVR.

Our SVR is set by us and is currently 8.89%, as a variable rate it may go up or down. Our follow-on rate is 1.74% below our SVR and is currently 7.15% variable. Our follow-on rate will go up or down with changes to our SVR.

2. The Overall Cost for Comparison is given as the Annual Percentage Rate of Charge (APRC) and includes all charges incurred relating to the mortgage. The APRC is intended to help you as a borrower compare the interest rates on different products.

3. Like all other mortgage lenders, we will allow you to borrow against a proportion of the overall property value. This is known as Loan to Value (LTV) and is expressed as a percentage. For example, if you want to purchase a property at £100,000 and you would like to borrow £85,000, then you will need a mortgage available at 85% Loan to Value (LTV). The available LTV can vary depending upon the type of mortgage.

Shared Ownership mortgages will offer two percentages under LTV – the proportion of the property value and the proportion of the share being purchased.

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