Buy to Let mortgage
Our highly experienced team will guide you carefully to the best options available.
What is a Buy to Let mortgage?
A Buy to Let mortgage is a mortgage sold specifically to people who buy property as an investment, rather than as a place to live. If you plan to rent out a new property, you will need a Buy to Let mortgage, it is a legal requirement.
What types of Buy to Let mortgages are there?
What types of Buy to Let mortgages are there?
- If you have previously lived in the property that you are looking to let out, you will be viewed as a Consumer Buy to Let Client.
- If you have more than four mortgaged Buy to Let properties, you will be viewed as a Portfolio Landlord.
Depending on your tax position, you may be considering purchasing an investment property via a limited company. This will be known as a special purpose vehicle (SPV) and you will need a specialised Limited Company Buy to Let mortgage.
Not everyone is entitled to a Buy to Let mortgage, most are more expensive than typical mortgages and they are likely to require a higher deposit.
Want more information about Buy to Let mortgages?
Things to consider when applying for a Buy to Let mortgage
A Buy to Let mortgage is suitable:
- If you have a large deposit, typically over 40% of the property value
- If you are over 21 years old
- If you are already a homeowner, first-time buyers may have limited options
- If you earn more than £25000 per year
- Clients wishing to purchase a property for investment with the intention to rent it out
A Buy to Let mortgage is not suitable:
- If you do not have a large deposit, typically 25-40% of the property value
- For clients under 21 years old
- For first time buyers, most lenders require you to be a homeowner
- If your annual income is less than £25,000. In these cases, clients may be restricted to the lenders that are available
- If you want to live in the property
Beth Brewster
I’ve used ChoiceMortgages UK Ltd for 20+ years now. I’ve always had an excellent service from them. Whether it’s just a few tentative questions about how I got on the BTL market or full on mortgage, remortgage etc. The whole team have found the time to chat things through and given the best advice for my situation. I would and have, always recommend speak to ChoiceMortgages UK Ltd first. Thanks guys!
I always recommend ChoiceMortgages UK Ltd first
How we can help?
To start with you must meet certain eligibility criteria. Lenders will use a rental affordability calculation to determine whether they think your Buy to Let mortgage is financially feasible. This may be affected by your income, tax band, deposit available and if you have any other mortgaged properties.
Lenders will also want to establish whether you will be able to keep up with repayments, interest rate fluctuations and other expenses.
Our team has nearly 100 years’ experience and will help you determine whether a Buy to Let mortgage is a possible option.
