Buy to let mortgages
Finance for investors purchasing property to rent out to tenants.
Can i get a buy to let mortgage?
Yes, most people can get a mortgage for rental property. Typically, a deposit of at least 15% of
the property’s value is required. However, a wider range of mortgage products is available if the
deposit is 25% or more.
Key buy to let mortgage conditions:
- The main approval criterion is rental income from the property.
- Rent should cover between 125% and 145% of monthly mortgage payments to reassure the lender of your ability to repay the loan.
- Your personal income plays a smaller role compared to rental income.
For first-time buy to let mortgages
If you are taking a Buy to Let mortgage for the first time, lenders will also assess your ability to
pay the loan as if it were a residential mortgage. This requirement is not mandatory for other
borrowers.
What might make getting a buy to let mortgage difficult?
- Poor credit history
- Insufficient deposit size
- Low market value of the property
Your home may be repossessed if you do not keep up repayments on your mortgage.
The Financial Conduct Authority do not regulate buy to let mortgages.
City Mortgages Club Ltd is an Appointed Representative of Rosemount Financial Solutions (IFA) Ltd which is authorised and regulated by the Financial Conduct Authority. Entered on the FCA Register (https://register.fca.org.uk/) under reference 535515. City Mortgages Club Ltd is registered as a Company in England & Wales No. 11711914. Registered Address: 45-55 Commercial Street, London, E1 6BD, United Kingdom.
