Buy to Let
How can I get the best Buy to Let mortgage?
What is a Buy to Let mortgage?
Buy to let mortgages are for people looking to buy a property as an investment. So, if you’re looking to rent out your property rather than live in it yourself, you’ll need this type of mortgage.
Whether you’re a first-time buyer or looking to widen your property investment portfolio, L&C is here to help. We can compare the best deals for you from different lenders across the market, to find you a mortgage that suits your needs.
Who is eligible for a Buy to Let mortgage?
For lenders, this mortgage deal is seen as higher risk. They work quite differently to standard residential mortgages because lenders are looking at the rental income you will receive (rather than just personal income).
The amount you can borrow is mainly based on the amount of rent you expect to receive from your tenant(s). But, just like residential mortgages, lenders will take your personal circumstances into account too, looking at your age, income, deposit and borrowing history.
Although becoming a landlord is something you shouldn’t do on a whim, there are lots of options. Wondering whether you’re eligible for a buy to let mortgage? Speak to one of our advisers today for fee free, expert advice. Start online today.
How much deposit do I need for a Buy to Let mortgage?
In general, buy to let mortgage deposits are typically higher than other types of mortgages. And, due to the increased risks that come along with renting out a property, the interest rates can look different compared to other types.
Securing a buy to let mortgage usually requires a larger deposit. So, in order to uncover the best choice (and wider selection) of deals for you, it comes down to the size of the deposit. As a minimum, you’ll need a deposit of 15-20% of the property’s value. But this varies on each lenders’ criteria, as well as your personal circumstances.
Use our buy to let calculators, to see how much you can borrow.
What’s the difference between Buy to Let and Let to Buy?
Let to buy mortgages are for homeowners who want to let out their current home to tenants, and then buy a property to live in.
So, put simply, you’ll need two mortgages. One for the home that you’re going to let out and then another for your new property that you’ll live in.The amount you’ll borrow is based both on how much rent you think you can get for your current home, but also your income (along with other financial circumstances).
Let to buy mortgages can be complicated. We’re on hand to give you all the expert advice and guidance you need. The range of deals can be quite limited, but we can help you find the best option for you. Start online today.
An expert’s guide to buy to let
Mortgage expert, David Hollingworth, provides tips on getting a buy to let mortgage.
The key things you need to know about buying to let
Helpful guides for anyone looking at buying to let
How do Buy to Let mortgages work?
A buy to let mortgage is a loan secured against a property which you own and intend to rent out.
Tax on Buy to Let properties
As the rent you receive is a form of income, it’s also taxable - but the amount all depends on how much you earn and which tax bracket you're in.
Things to think about when Buying to Let
Becoming a landlord is not something you should do on a whim. Buying a buy to let property can be a significant investment and not without its risks.
Remortgaging a Buy to Let property
If you’re remortgaging a property that you let out, rather than your main home, there’s some additional information your conveyancer will need you to provide.
Handy tools and calculators
Practical gadgets to help keep things simple
Ready to find your perfect Buy to Let mortgage?
At L&C, we do the hard work on your behalf, all for free.
We’ll search across the market to find the best deal for you
We’ll handle all the paperwork & make the process hassle-free
We won’t charge you a penny - our entire advice service is fee free!
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