Expert Buy-to-Let Advice & Best Deals For You
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What is a buy-to-let mortgage?
A buy-to-let mortgage is one where a person intends buying a property with the sole intention of renting out to tenants. This could be for a house, flat or other type of dwelling with the intention to rent out for a profit.
The buyer will use the rental income to settle the monthly mortgage payments, and in many cases these involve buy-to-let mortgages on an interest-only basis. Getting a buy-to-let mortgage is not without risk since it relies on the tenants consistently paying the rent!
How does a buy-to-let mortgage differ from a standard residential mortgage?
The main difference between a buy-to-let mortgage and a standard mortgage is in how lenders assess suitability. They focus on the likely rental income and property’s income potential rather than focusing on your own personal financial situation, which although still relevant, is not the main consideration.
Of course, it helps if you have a good credit record, but the main factor is whether your potential rental property is going to be worth the risk of allowing you to borrow on the mortgage. Buy-to-let mortgages have slightly higher interest rates and a larger deposit (typically 20-25% of the mortgage value) is required.
Buy-to-let mortgage advisors we typically work with ...
Our advisors will provide you with the best advice and deals for those who are looking to profit from a buy-to-let mortgage.
Buy-to-let mortgage deals
As lenders see buy-to-let mortgages as an investment, you will typically need to be a homeowner, and have at least a 25% deposit to put down, as rental income will be needed to cover the monthly payments. Buy to let mortgages are generally based on the rental income, however in most cases you will need an income of your own to be able to cover any void periods. Normally, buy-to-let mortgages will be arranged on an interest only basis, to keep the payments down in the event of void periods or unexpected costs.
You may be looking for your first buy to let property, or have a low personal income that doesn’t meet the threshold required. Or you might be looking at a house of multiple occupation, whereby you have a number of tenants all living in the property under separate rental agreements.
By speaking to one of our specialist brokers, they can review your requirements and find the most suitable lender for you.
Should I get an interest-only buy-to-let mortgage?
It’s commonplace for many landlords to opt for an interest-only buy-to-let mortgage. With these, you only repay the interest accrued each month until being required to to pay off the full buy-to-let mortgage with capital you have saved over time or by selling off the property.
It is worth noting that an interest-only buy-to-let can be risky as the property value can go down as well as up, meaning you would have to cover any difference at the end of the mortgage term. That said, property prices generally increase over time so an interest-only buy-to-let mortgage can be a favoured option for many would-be landlords.
How do I make a buy-to-let mortgage application?
When it comes to making an application for a buy-to-let mortgage, lenders will be most interested in the expected rental income from the property, so that they can assess whether you can afford the repayments.
Rental income will usually need to be around 125% of the mortgage repayment to ensure you can make the repayments and have some left over to cover other expenses. Lenders will also be interested in what the typical rental income is for similar properties in the area you are considering.
As well as the rental value, lenders will also take into account other factors including your credit history, your incomes (usually a minimum of £25,000 a year is required), your monthly expenditure and existing debts, and the amount of deposit available. Let us introduce you to a mortgage advisor who will help you with your application to increase your chances of success and match you to the best lenders for your buy-to-let mortgage needs.
Why use us?
If you are considering a buy-to-let mortgage, we put you in touch free-of-charge with a specialist mortgage advisor who has access to a huge network of lenders and will help you find the best buy-to-let mortgage deals.
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Meet our experts
Michael Buckley
Director / Mortgage & Protection Advisor
Aidan Comerford
Sales Manager
Luke Grosse
Mortgage & Protection Advisor
Chris Kenny
Mortgage & Protection Advisor
We’re ready when you are.
We know it’s a big decision, but when you’re ready to find your mortgage, we’ll be there to help you. It’s important that you get the right advice, and that where we come in, as we’ll help introduce you to a broker who specialises in advising and matching customers to the right deals for their circumstances.
We work with experts who know mortgages inside out and are well connected so that they are able to get the best possible deals for you. All this can be done without you even needing to meet face-to-face. All the advisors we refer you to are qualified and experienced and have dealt with every kind of mortgage.
We will introduce you to a broker free of charge and they’ll be able to advise you and get you a decision in principle, or written estimate from the mortgage lender, which will help prove to estate agents and vendors that you’re a serious buyer.
See what others think ...
Steven Brunning
Aidan and Kayleigh were absolutely brilliant. They were very pro-active throughout and gave us confidence that they were identifying the most appropriate products on the market for our needs! We felt very reassured and are grateful for them helping the transaction to run as smoothly as possible.
Steve and Sharon
Me and my wife were very happy with the level of service Chris and Nioni provided us whilst buying our new home. Really felt like they had our best interests at heart and were with us every step of the way. They are always quick to respond, very friendly and always there to offer advice when you need it…….
Thank you Chris and Nioni.
Zara Akhtar
From the very start Michael, who I initially spoke with, was the extremely helpful and professional. I was struggling to find a lender due to my personal circumstances. Michael was very open and honest with me and actually managed to find a lender who would consider my circumstances. This is something other brokers were unable to do!
I started my mortgage journey thinking I could never get a mortgage, well if I did I would be a long time due to a few mistakes I made back when I was a student. I got speaking to Luke Grosse. After months of searching things couldn’t of gone smoother on his end, he got me a mortgage offer. Easy to talk to, straight forward, explained everything in detail while being patient. Couldn’t recommend this company and Luke in particular any higher as my experience with them was fantastic. Finally completed on my purchase today and now I am a home owner with my fiancé.
This being our first property purchase, we were very unfamiliar with the how things worked. With the support and help by these two fine ladies, we were able to steer in the right direction. We had constant communication throughout the process and communication was key in these purchase too. I definitely speak highly and recommend others the mortgage advisor as they were always willing to help and support us in any way possible.
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