Buy to Let Mortgage Advice

To obtain a BTL mortgage is much the same as the criteria for a standard mortgage. You will need a good credit rating and a reliable income.

However, some mortgage lenders do consider some other factors unique to Buy To Let Mortgages in particular. Some lenders, for instance, will not deal with people over the age of 75, or under a certain age.

Other criteria include income and deposit – some lenders require a minimum income of £20-25,000 and a larger deposit around 25%.

The property type may also be considered; many lenders don’t deal with non-standard properties such as listed buildings.

BTL mortgages are very similar to standard mortgages, but there are some key differences to keep in mind. Fees and interest rates on BTL mortgages tend to be higher, as does the initial deposit required.

BTL mortgages are interest-only mortgages, meaning that you only pay back the interest each month – at the end of the term, the loan amount is paid in full and you will usually need to state a repayment vehicle for an interest-only mortgage such as; sale of property.

The amount you can borrow on a BTL mortgage is linked to the rental income you expect to receive from the property. Typically, lenders will need a rental income that is 25-30% higher than the mortgage payment.

A mortgage adviser will have access to lenders that are not available to the general public or comparison sites for Buy To Let Mortgages.
Speak to our mortgage adviser today to get the best buy to let mortgage advice.

Some buy to let mortgages are not regulated by the Financial Conduct Authority.