A Buy to Let
(BTL) mortgage allows you to borrow money for the purchase of a
property specifically to rent out for an income. A Buy to Let mortgage is similar in many ways
to a regular Residential Mortgage but there are some key differences which you
need to understand.
- Neither you nor a family member can live in the property
- Buy to let mortgage rates are generally higher
- Maximum LTV is approx. 75-80%
- Affordability calculations are primarily done against rental income though evidence of your own income is also relevant
- Your credit must be strong
- Experience of being a landlord is preferable to most lenders
- In most cases you must already own your own home
Buy to Let mortgages UK
In order to navigate
the many mortgage options and potential pitfalls out there, Choice Loans will
ensure you are speaking with an experienced and qualified broker for your query.
We'll carry out a buy to let mortgage comparison for you, ensuring you get the
best BTL rates and terms. To speak with one of our advisors, complete the
enquiry form opposite and we'll be in touch to discuss your requirements.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT
"Excellent advice, guidance, recommendations and a very personal service with an excellent subject matter expert"
Jennifer Watson, Quality Exceutive - QP Watson
What is needed to apply
Applying for a Buy To Lets is very easy. Below are listed the things you need in order to apply.
- Eligibility Criteria Clean credit and experience as landlord are big advantages, especially for higher LTV loans. Sufficient income from the property as well as personal income also required.
- Documents Required Proof of ownership, income and ID as well as an application form.
- Additional Comments The process takes about 4-6 weeks from start to finish.
- How much can I borrow?
The maximum LTV on a Buy To Let mortgage is 85%. How much you can borrow is determined by the rental income on your property and generally it must be at least 120% of your mortgage repayments.
- Can I get a BTL mortgage if I have bad credit?
Your credit history is very important for a BTL mortgage. Some adverse credit is acceptable but if it's too much then we would not be able to help.
- Can I get a BTL mortgage if I am a First Time landlord?
Yes, though the range of options available to you may be limited.
- Can I get a BTL mortgage if I live overseas?
Yes. There are a range of options available now to overseas buyers.
- Do I need to have an income other than the rental income?
No, not necessarily though it will help you get better deals if you do.
- Can I get a mortgage for a HMO (House of Multiple Occupancy)?
Yes, though there are some restrictions on LTVs.
- What will it cost to arrange a BTL mortgage?
This depends on how complex the case is but it will be made clear to you in advance before you pay a penny.
To learn more or to apply for a Buy To Let Mortgages please either ﬁll in the call back form at the top of this page or call us on 01494 410 125 and we'll walk you through your options at no cost or obligation.