Buy-to-let Mortgages
Investing in properties to rent out is a very popular form of creating a secondary income stream and planning for a comfortable retirement. If you require a buy-to-let mortgage, our qualified advisers will offer proactive and hands-on guidance.
What is a buy-to-let mortgage?
Buy-to-let mortgages are for landlords who want to purchase properties that they can then let out to tenants, rather than living in them personally. This type of mortgage is available on houses and flats, allowing you to shape your property portfolio according to your unique needs and goals.
How do I get a buy-to-let mortgage?
Certain criteria need to apply when taking out a buy-to-let mortgage, such as:
- You can’t afford to buy a home on the open market.
- You understand the risks of investing in property and can afford to do so.
- You already own your own home either outright or with an outstanding mortgage.
- You earn at least £25,000 a year. A lower wage can make the process difficult and your mortgage application could be denied.
- You’re under 70 (or in some cases 75), as many lenders have upper age limits for mortgages.
Portfolio Landlord Mortgages
If you’re lucky enough to own four or more rental properties, you qualify as a portfolio landlord. This includes holiday lets, properties owned through a limited company and any other buy-to-let mortgages in your name either solely or jointly. If you need advice on Portfolio Landlord Mortgages, we’ll listen to your requirements and guide you through the process, ensuring that you get the best mortgage deal and make more from your properties.
Is buy-to-let similar to a regular mortgage?
A buy-to-let mortgage differs from a regular mortgage in a few ways:
- The fees and interest rates are usually higher.
- The minimum deposit is often 25% of the property’s value and could be higher.
- Many buy-to-let mortgages are not regulated by the Financial Conduct Authority.
- The maximum amount you can borrow depends on the amount of rental income you expect to receive.
- Lenders will usually expect your monthly rental income to be between 25% and 30% higher than the mortgage payments.
Get in touch
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Buy-to-let Mortgages in Worcestershire and Kent
Droitwich Office
5 Saltway, Droitwich, Worcestershire, WR9 8LB 01905 779697
Sevenoaks Office
46 Holly Bush Lane, Sevenoaks, Kent, TN13 3TL 01732 926255
