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New BTL Loan – 80% LTV flexible overdraft

25th October 2023

By Karina Nowicka

What to know about the new 80% LTV Buy to Let Loan

The only flexible overdraft product with no drawdown or non utilisation fees secured on personally owned BTL’s.

What’s new 

  • Flexible overdraft option for the first 12 months of the loan – cheaper and better than bridging 
  • No minimum draw down – agree the facility and draw / repay it when needed without penalty
  • Unlike similar products this is available to landlords owning property personally

Key selling points

  • 80% LTV Second Charge term loan secured on BTL property 
  • Ok for personally owned or SPV Buy to let landlords (similar products are SPV only) 
  • Rates start at 4.6% – (cheaper starting rates than others) 
  • £25,000 to £1,000,000 
  • Max age at end of term 85 
  • Use for deposits, property refurbs, developing other property, business, debt consolidation

We think it’s the cheapest Buy to Let loan out there which also goes to 80% LTV

Other main points

  • Up to 4 applicants 
  • Property security located in England or Wales 
  • 125% DSCR 
  • The minimum age of the Primary applicant is 21 years. Other applicants 18 years. 
  • The Primary applicant must have a minimum personal gross income of £20,000 ( can be employment, self-employment, pension (private or state) or investment income.) 
  • Where the loan is being used for debt consolidation, creditor details are not required. 
  • Maximum loan term is 25 years. Minimum is 3 years. 
  • Must be a freehold, share of freehold or leasehold house, or a leasehold flat or maisonette, with remaining term of lease of at least 85 years at the valuation date and at least 65 years unexpired at maturity of the loan term. 
  • A copy of the current Assured Shorthold Tenancy (AST) agreement will be required. The AST must be for a period between 6 to 36 months. Rolling monthly tenancies are not acceptable. 
  • Corporate lets are not permitted (including contracts of any kind with a Local Authority or Housing Association) CBTL, Holiday or Airbnb lets are not permitted. 
  • After 12 months applicants can apply to extend the facility subject to underwriting

Talk to a Promise Money adviser for more details


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Promise Money is a broker not a lender. Therefore we offer lenders representing the whole of market for mortgages, secured loans, bridging finance, commercial mortgages and development finance. These loans are secured on property and subject to the borrowers status.

More than 50% of borrowers receive offers better than our representative examples

The %APR rate you will be offered is dependent on your personal circumstances.

Mortgages and Remortgages

Representative example

Borrow £270,000 over 300 months at 7.1% APRC representative at a fixed rate of 4.79% for 60 months at £1,539.39 per month and thereafter 240 instalments of £2050.55 at 8.49% or the lender’s current variable rate at the time. The total charge for credit is £317,807.66 which includes £2,500 advice / processing fees and £125 application fee. Total repayable £587,807.66

Secured / Second Charge Loans

Representative example

Borrow £62,000 over 180 months at 9.9% APRC representative at a fixed rate of 7.85% for 60 months at £622.09 per month and thereafter 120 instalments of £667.54 at 9.49% or the lender’s current variable rate at the time. The total charge for credit is £55,730.20 which includes £2,660 advice / processing fees and £125 application fee. Total repayable £117,730.20

Unsecured Loans

Representative example

Annual Interest Rate (fixed) is 49.7% p.a. with a Representative 49.7% APR, based on borrowing £5,000 and repaying this over 36 monthly repayments. Monthly repayment is £243.57 with a total amount repayable of £8,768.52 which includes the total interest repayable of £3,768.52.


THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME

REPAYING YOUR DEBTS OVER A LONGER PERIOD CAN REDUCE YOUR PAYMENTS BUT COULD INCREASE THE TOTAL INTEREST YOU PAY. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.


Promise Money is a trading style of Promise Solutions Ltd – Company number 04822774
Promise Solutions, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG

Authorised and regulated by the Financial Conduct Authority – Number 681423
The Financial Conduct Authority does not regulate some forms of commercial / buy-to-let mortgages

Website www.promisemoney.co.uk

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