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Buy-to-let (BTL) mortgages are typically for landlords who want to buy property to rent it out. The rules around buy-to-let mortgages differ from those around regular residential mortgages.
You can learn more below.
The process for a BTL mortgage is very similar to a residential. You will need to prove your identity with various forms of ID. A credit check will be completed to prove credit worthiness. You will also be required to provide proof of deposit via statements and income via payslips or accounts if self-employed. Your lender may also ask for other various documents such as utility bills, employment contact, P60 and other documents to help them come to a lending decision.
Most Buy to Let mortgages are interest only. This means that the monthly repayments will only pay off the interest, not the amount owed on the mortgage (known as capital). Instead, the capital will be paid off in full at the end of the agreed term. You’ll usually need a bigger deposit than for a residential mortgage. You’ll likely need at least a deposit of 25% of the house value. In addition, most lenders will want to see a rental income of 25% to 30% over and above your monthly repayments.
Typically, you will need a minimum of a 25% deposit to secure a BTL mortgage. However, this is based on your personal circumstances and it’s always best to speak to a specialist to discuss your options.
The simple answer is yes. However, this again is based on your personal circumstances. There are lenders available for adverse credit, however, you will need to discuss this in detail with a specialist to ensure it’s the right time to buy.
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Jason Rose of Your Mortgage Solutions Midlands Ltd, trading as Your Mortgage Solutions. Your Mortgage Solutions Midlands Ltd is Directly Authorised and regulated by the Financial Conduct Authority for mortgages, protection insurance and general insurance products. The Financial Conduct Authority does not regulate some forms of Buy to Let.
The guidance and/or advice contained in this website is subject to the UK regulatory regime and is therefore restricted to consumers based in the UK
