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