Remortgaging an existing Buy to Let Mortgage on a like for like basis then we do not charge any advice fee and we will find you the best rate across the market lenders
Mortgages for landlords who rent out their property. These types of properties require different types of mortgages, as the regulation around them are different to the regular ones.
What is required to get a buy-to-let mortgage?
You can get a buy-to-let mortgage under the following circumstances:
Generally, lenders would like to see you already owning your own home, whether its owned outright or with an outstanding mortgage
You have a good credit record and are not overly committed already e.g. credit cards, personal loans or hire purchases
You should have a earned income in place
Age plays a big factor in the lender’s decision - speak to us if you are unsure if this will impact you
If you have 4 or more BTL properties then you come under a portfolio landlord category, where we have a more requirements for those customers.
BTL mortgages VS BTL mortgages
Buy-to-let mortgages are quite similar to residential mortgages, however there are some key differences. Below are some of the general key differences:
Interest rates on mortgages are usually higher
The minimum deposit for a buy-to-let mortgage is usually 25% of the property’s value (although it can vary between 20-40%)
Most BTL mortgages are interest-only. This means your payments will not reduce the amount you owe, but at the end of the mortgage term you must repay the original loan in full. However, BTL mortgages are still available on a repayment basis
Age at point of application and age at end of mortgage term tend to be higher
The regulation involved in arranging the mortgage – as mentioned most BTL mortgages are not regulated by the Financial Conduct Authority (FCA). There are however some exemptions, for example if you wish to let the property to a family member (e.g. spouse, civil partner, child, sibling etc). These are often referred to as a consumer buy to let mortgages and are regulated similarly to residential mortgages
Advising, arranging, lending and administering BTL mortgages for consumers is covered under the same laws as residential mortgages and is regulated by the Financial Conduct Authority (FCA)
How much you can you borrow for buy-to-let mortgages
The maximum you can borrow is a calculation linked to the amount of rental income the property receives or is likely to receive. Lenders typically need the rental income to be 25–45% higher than your mortgage payment. It is therefore important to speak to local experts to find out how much a property is likely to receive in rent, for example local estate agents.
Ready to buy your BTL Property or Remortgage your existing deal?
Why not leave your details and we will call you to discuss your options.