Buy to Let Mortgages

Buying an investment property is very different to buying a home for yourself and there are several things you need to do to ensure you become a successful landlord.

Speak to letting agents in the area where you want to buy to find out whether there is demand for rental properties and how much income you can expect. Once you have an idea of the kind of rents you can achieve we can help you work out how much you can afford to spend.

Most lenders will generally ask that rental income is at least 125% to 145% of your monthly mortgage interest, often based upon a stressed rate that is much higher than your initial rate.

There are currently buy to let mortgages of up to 85% loan to value available (dependant on rental coverage), but you will get a better deal if you have a larger deposit.

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Retired? If so then we may be able to arrange a buy to let mortgage with no age limit, even if your income is less than £20,000.

There are lots of special offers available so you can take advantage of a fixed rate or discount in the early years. We can present you with details of the best deals available on the market when you contact us. For a fee of up to 15% of the gross rental income you can employ an agent to find tenants, check out their references and collect the rent.

Alternatively, if you decide to rent the property out yourself we recommend that you advertise in your local newspapers, then always make sure that you get references and credit check any potential tenants before signing them up. Don’t forget to ask us about insurance for your rental property – take a look at our Insurance section for an overview of what’s available.

Some Buy to Let mortgages are not regulated by the Financial Conduct Authority.

There will be a fee for arranging your mortgage and the precise amount will depend upon your circumstances. This fee will typically be between £399.00 and £699.00, depending on the type of mortgage that you are arranging and is payable upon application.

Your home may be repossessed if you do not keep up repayments on your mortgage.

We always aim to provide a high quality service to our customers. However, if you encounter any problems and we are unable to resolve them you can take your complaint to an independent Ombudsman. Our advice is covered under the Financial Ombudsman Service (https://www.financial-ombudsman.org.uk/consumer/complaints.htm).

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