Thinking of a
Buy-to-let?
If you have money to invest in property and are looking to let the property, then a buy-to-let mortgage will probably be required. The criteria for buy-to-let mortgages are significantly different from a residential mortgage, with differing deposits required and typically higher interest rates charged by lenders. There are lots of factors to consider when purchasing a buy-to-let property, and we will use our extensive experience in buy-to-let mortgages to guide you through this process, whether it is your first buy-to-let purchase or you are an experienced landlord. We can also help those looking to buy-to-let through a limited company.
Some Buy to Let mortgages are not regulated by the Financial Conduct Authority.
Your Buy-to-let in 4 simple steps
Step 1
Book a time to discuss your objectives and circumstances with our experinced buy-to-let mortgage adviser
Step 2
Let us save you time and money by searching a wide panel of lenders to find the right product for you.
Step 3
When you are happy with the advice, your mortgage adviser will apply for the right mortgage product for you.
Step 4
We will see you all the way through to owning your buy-to- let property and will keep you well informed along the way
Get the advice you need, speak with a mortgage expert today
What you need to know....
How does a buy-to-let mortgage work?
A buy-to-let mortgage is a loan secured against a property which you own and intends to rent out to a tenant. The big difference between a residential mortgage and a buy-to-let mortgage is that the amount you can borrow is assessed mainly using the rental income from the property being mortgaged rather than your own income.
To give you an idea of what you could borrow try out our ‘How much can I borrow?’ calculator. As a landlord, you may be able to have multiple mortgages and properties.
Do you pay Stamp Duty Land Tax on a buy-to-let property?
Yes. Stamp duty (or Stamp Duty Land Tax [SDLT] to give it its full name) is payable when purchasing a buy-to-let property. The amount varies depending on the price of the property.
Speak to our advisers to for details of associated costs.
How much deposit do I need?
You may need as little as 15% for the deposit; however, most lenders require 25%. Products with less than a 25% deposit are often less attractive. The rental income of the property frequently dictates your deposit amount.
Property prices are typically higher in the South, and while rents are higher, it is also common that deposits need to be 30%+ due to lenders’ rental calculations.
Our advisers have the knowledge to potentially unlock better deals and lower deposits for you.
You may be able to raise a deposit for a buy- to-let by remortgaging and raising monies from your own home or other buy to let investments.
How much could I borrow on a buy-to-let mortgage?
Unlike a residential mortgage, where the amount you can borrow is based on your salary and your outgoings, a buy-to-let mortgage is assessed on the rental income that the property is likely to generate. Lenders will typically need the rental income to be at least 125% of the monthly mortgage payments (on an interest-only basis), which means that if your mortgage costs £800 a month, the rent will need to be at least £1,000 a month.
Most lenders will still also require you to be earning an income yourself. To give you an idea of how much you can borrow, try our calculator.
Useful calculators
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How much can
I borrow?
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Mortgage repayment calculator
How much will you be borrowing?
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Over how many years?
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Your monthly repayment will be
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Talk over your objectives with an Expert Mortgage Adviser now on 07935 861489
How much deposit / equity will I need?
Purchase price
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Talk over your objectives with an Expert Mortgage Adviser now on 07935 861489
Our mortgage calculators can give you an idea of how much you could borrow, the deposit you may need and your monthly repayments. They do not represent an offer. Lenders' terms and conditions are subject to frequent changes, please speak to an adviser.
Your home may be repossessed if you do not keep up repayments on your mortgage.
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