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Buy to Let Mortgages

What is a Buy to Let Mortgage?

A Buy to Let mortgage is a long-term mortgage secured against a residential property which is tenanted and income producing.

Buy To Let mortgages are appropriate for residential investment property, including flats, houses, houses split into flats, or houses in multiple occupation (HMOs). They can be owned by Limited Companies or by individuals.

What can a buy to let mortgage be used for?

Buy to Let mortgages can be used for a multitude of purposes, including purchasing a new Buy to Let property, raising capital against an existing portfolio to enable you to raise a deposit contribution for further purchases, refurbish existing properties or simply releasing equity for your other business requirements.

Many Buy to Let mortgages have a fixed rate period which, when it expires, revert to the lenders variable rate which is usually higher than the initial lending rate. Lots of our clients take this opportunity to ask us to research the market to see what other deals are available from the whole of the Buy to Let market place. With more and more lenders coming into the sector, the landscape changes regularly, and the lender that was right for you five years ago might not necessarily be the right one for you today.

Buy to Let properties are owned as an investment and/ or to provide an income, therefore it makes sense to ensure that you are maximising the potential of your properties and review your borrowing arrangements frequently. This could occur on expiry of a fixed rate, with an upturn (or downturn) in housing prices, or changes to the law around Buy to Let properties & mortgages.

What are the key features of Buy to Let mortgages

Up to 80% LTV

Interest rates from 2.99%

Interest only loans and Capital an Interest are available

No early redemption penalty mortgages are available

Adverse credit can be considered

Available for ex pats

We have lenders who have no minimum income criteria

We have access to lenders who cover the entire spectrum, so whether you are looking for the cheapest deal possible or raising the maximum amount possible we have the right lender for you

Frequently asked questions

What is a buy to let mortgage?

A buy to let mortgage allows you to purchase a property with the intention of allowing a third party to rent it.

Who can get a buy to let mortgage?

Buy to lets are available to almost anyone. We have lenders on our panel who will consider most circumstances including adverse credit, Ex Pats and clients with unusual income streams.

Can I rent the property to family members?

No, family members are excluded.

Can I borrow in a limited company?

Yes, we are seeing more and more limited companies being formed for Buy to let purposes with more and more lenders willing to lend to these structures.

Does the rent need to cover the interest?

Yes, in fact most lenders will look for the rent covering at least 1.25 times the interest cost, which allows you to build up a contingency buffer in case of any void periods or maintenance required, or even interest rate increases.

What types of property can be Buy to Lets?

Any residential property can be used as a buy to let including flats, apartments and houses.

What rates should I expect to pay?

Rates vary depending on circumstances however someone with a clear credit history could obtain a rate as low as 2.99% per annum.

What Loan to Values can I achieve?

Again, Loan to Value (LTV) figures vary from lender to lender and as a rule of thumb the higher the LTV, the higher the interest rate will be – most lenders are comfortable at 75% LTV, however we have lenders on our panel who will go as high as 80% in certain circumstances. Very often the rental income will dictate or impact on the maximum loan amount available, due to debt serviceability (i.e. monthly interest payments).

How long can I have a Buy To Let mortgage for?

Most interest only loans are over 10 years, however terms of 35 years are available on repayment loans.

Other options within Mortgages

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