Buy To Let Mortgages
Financing investment properties
Complete the form to get a buy to let mortgage today.
A buy to let (BTL) mortgage allows you to borrow money for the purchase of a property specifically to generate rental income. A buy to let mortgage is similar in many ways to a regular residential mortgage, but there are some key differences to take into account. We've gone into greater detail below...
The facts about Buy To Let mortgages
The key points to note about getting a BTL mortgage are as follows:
- Neither you nor a family member can live in the property
- Buy to let mortgage rates are generally higher
- Maximum LTV is approx. 75-80%
- Affordability calculations are primarily done against rental income though evidence of your own income is also relevant
- Your credit must be strong
- Experience of being a landlord is preferable to most lenders
- In most cases you must already own your own home
In order to navigate the many mortgage options and potential pitfalls out there, Choice Loans will ensure you are speaking with an experienced and qualified broker for your query. We'll carry out a buy to let mortgage comparison for you, ensuring you get the best BTL rates and terms.
To speak with one of our advisors, complete the enquiry form opposite and we'll be in touch to discuss your requirements or just call us on 01494 410 125 or not
Frequently Asked Questions
How much can I borrow?
The maximum LTV on a Buy To Let mortgage is 85% but this will depend on location and what the rental yields are (e.g. in central London you can borrow a lot less due to the low yields). How much you can borrow is determined by the rental income on your property and generally it must be at least 120% of your mortgage repayments.
Can I get a BTL mortgage if I have bad credit?
Your credit history is very important for a BTL mortgage. Some adverse credit is acceptable but if it’s too much then we would not be able to help
Can I get a BTL mortgage if I am a first time landlord?
Yes, though the range of options available to you may be limited.
Can I get a BTL mortgage if I live overseas?
Yes. There are a range of options available now to overseas buyers.
Do I need to have an income other than the rental income?
No, not necessarily though it will help you get better deals if you do.
Can I get a mortgage for a HMO (House of Multiple Occupancy)?
Yes, though there are some restrictions on LTVs.
What will it cost to arrange a BTL mortgage?
This depends on how complex the case is but it will be made clear to you in advance before you pay a penny.
Neither you nor a family member can live in the property
Buy to let mortgage rates are generally higher
Maximum LTV is approx. 75-80%
Affordability calculations are primarily done against rental income though evidence of your own income is also relevant
Your credit must be strong
Experience of being a landlord is preferable to most lenders
In most cases you must already own your own home
What is needed to apply
Applying for a Buy To Let mortgage is very easy. Below are listed the things you need in order to apply.
- Eligibility CriteriaClean credit and experience as landlord are big advantages, especially for higher LTV loans. Sufficient income from the property as well as personal income also required.
- Documents RequiredProof of ownership, income and ID as well as an application form.
- Additional CommentsThe process takes about 4-6 weeks from start to finish.
In order to navigate the many mortgage options and potential pitfalls out there, Choice Loans put you in contact with experienced and qualified brokers with in-depth knowledge of the market and your position. Our brokers ensure you have all the relevant information required to make an informed choice about your BTL mortgage and financial future.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
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