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What Is A Buy-To-Let Mortgage?

That isn't such a silly question as why would a mortgage on a property bought to be let out differ from one for a property you buy to live in?

There are several differences to be considered with a buy-to-let mortgage:

HOW MUCH CAN YOU BORROW & HOW IS THIS ASSESSED?

Lenders will want details of your income*, but the main borrowing criteria is based on the potential rental income of the property you are buying. Most lenders are looking at the rental income being in the region of 130% of the interest payments on the mortgage. Generally this shoudn't be a problem as the rental potential of a property will bear a strong correlation to the value of the property.

(*This can vary from £1.00 p/a upwards, depending on the lender).

Most landlords opt for interest only mortgages on buy-to-let properties. But you can have a capital repayment should you wish. But the rental income will still be assessed on the interest only part of the repayments.

DO I NEED A DEPOSIT?

Yes, typically this will be 15%-25% of the property value

WHAT ELSE DO I NEED TO CONSIDER?

Bearing in mind you, in all likelihood, will be letting out the property to someone you don't know it is important you take out the appropriate (landlord's) insurances. Consider the following possibilities:

i) The tenant defaults on the rent payments and you have to take him/her/them to court to seek an evicition order.

ii) The tenant causes damage (deliberate or otherwise) to your property.

iii) The tenant is injured due to an unforeseen problem with the property.

All of these (and other) scenarios need to be considered as the potential cost to you, as the landord, could be catastrophic.

CAN I REMORTGAGE A BUY-TO-LET PROPERTY?

Yes, just as with a residential mortgage you can shop around for a better deal at any time, although you need to consider any ERP's (early redemption penalties) if you are in any sort of fixed term mortgage.

CAN I CONVERT A RESIDENTIAL MORTGAGE TO A BUY-TO-LET MORTGAGE?

Yes, this is not uncommon. Whether it's the case that you want to move and cannot (or do not want to) sell your current property then you can transfer your current mortgage to a buy-to-let mortgage. It is illegal to let out a property that has a residential mortgage on it.

This is a fairly straightforward process as it does not involve the purchase of a property as you already own it (so it's pretty much a remortgage).

WE WON'T GUARANTEE WE CAN BETTER THE MORTGAGE YOU ALREADY HAVE. BUT WE WILL GUARANTEE WE WON'T TAKE YOUR BUSINESS IF WE CAN'T!

Please complete our FREE NO OBLIGATION FORM to find out if you can get a better mortgage than the one you already have!

Please tell us about yourself

Required mortgage type
Title
First name*
Last name*
Date of birth*
Postcode*
House Number*
Telephone*
Mobile*
Email Address*
Is this a single or joint application?* Joint    Single

Your property and mortgage details

Mortgage amount required (£)*
Value of the property you are mortgaging (£)*
Approximate monthly rental income (if known)
Does the property have a sitting tenant?* Yes    No
How many other BTL properties do you own?*

Your circumstances

Please tick any of the following that apply to you. This will not hinder your mortgage enquiry but will help us find the most suitable product for you.

Have you or the joint applicant had a CCJ in the last 3 years?
Have you or the joint applicant ever had an IVA?
Have you or the joint applicant ever been declared bankrupt?
Have you or the joint applicant missed any mortgage or secured loan payments in the last 2 years?

Any other information



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