In recent years, rising property prices and interest rates have made it more difficult to get onto the property ladder. Indeed, according to Uswitch, the
In recent years, rising property prices and interest rates have made it more difficult to get onto the property ladder. Indeed, according to Uswitch, the
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Buy-to-let mortgages are for landlords that want to buy property to rent out to a tenant and generate an additional income. Buy-to-let mortgages do have a lot of similarities to a standard mortgage (you’ll find that most lenders will have some form of buy-to-let mortgage product), though there are a few criteria differences.
Typically, buy-to-let mortgages are a bit more expensive than the type of mortgage used to buy your own home. That’s because traditionally, lenders see getting rent from tenants to be more of a risk than a homeowner making their own monthly mortgage repayments.
You must meet the lenders criteria to successfully receive a mortgage offer, as with any mortgage. In many cases, lenders will work out your affordability for a buy-to-rent mortgage in the UK based on the potential rental income the property you’re looking to buy will make.
We aim to make the buy-to-let mortgage process as simple and straightforward as possible. By combining years of experience with our industry expertise, we’ll help you to find the most appropriate buy-to-rent mortgage deal for your investment property.
With UKMC, you won’t have to worry about limited options. We’ll scour the whole of market, exploring thousands of buy-to-rent mortgage deals for you and reviewing your eligibility across hundreds of lenders.
Whenever you have a question about the mortgage process, you can rest assured that you’ll know exactly who to contact. At UKMC, we’ll assign you a dedicated mortgage case manager that will work with your chosen lender, solicitor, and surveyor on your behalf for the whole of your buy-to-let mortgage journey.
Enjoy easy access to unique insights, a handy home buying check list, and property reports by heading online to our portal. With just a couple clicks, you can download the reports you’d like to look at and learn more about the property’s:
We understand that between looking after the kids and working a 9-5, making appointments during the day can feel impossible. That’s why we offer flexible, late-night appointments 5 days a week, ensuring you can access the support you need when you need it.
A limited company buy-to-let mortgage means that a company, rather than an individual, owns and manages the rental property. This approach can be tax-efficient, particularly for higher-rate taxpayers. The company legally owns the property through a mortgage, which can offer various financial benefits and greater flexibility in managing rental assets.
A HMO mortgage is a specialized loan intended for financing houses in multiple occupations. Similar to a buy-to-let mortgage, these loans are often structured as interest-only and can come with either fixed or variable rates. They provide a way for investors to acquire properties that can house multiple tenants, maximizing rental income potential.
A holiday let mortgage is designed for those who want to borrow money to purchase a property intended for short-term rentals to tourists. This type of mortgage caters specifically to individuals who plan to operate their property as a business, allowing them to generate income through rental fees during peak tourist seasons.
Buy To Let mortgages are for Landlords that want to buy property to rent out to a tenant and generate an additional income.
Buy To Let mortgages do have a lot of similarities to a standard mortgage (you’ll find that most lenders will have some form of Buy to Let mortgage product), though there are a few things around the criteria that are different.
For example, Buy To Let mortgages affordability may be assessed on how much Rental Income can be generated, rather than the amount of money you earn. The product fees and interest rates tend to be a little higher than a standard mortgage and it’s usually easier to have these mortgages on an interest Only repayment basis.
Typically, Buy To Let mortgages are a bit more expensive than the type of mortgage used to buy your own home. That’s because traditionally, lenders see getting rent from tenants to be more of a risk than a homeowner making their own monthly mortgage payments. You also need to be aware that lenders will take into account extras such as maintenance costs, agent’s fees and landlord’s insurance when working out how much you can borrow.
A Buy To Let mortgage can be for someone who wants to become a professional landlord or already owns properties and wishes to add to their portfolio. Others who may need to apply for a Buy to Let mortgage are ‘accidental landlord’s’ – those who own their home but would like to rent it out. If it’s for less than a year, you can apply for a Consent to Let. For longer than this period, you may want to think about switching to a Buy To Let mortgage.
Becoming a landlord might be planned, or by default you inherit a property. Either way, the asset you have can help towards your overall property investment strategy.
The amount you can borrow with a Buy to Let mortgage is calculated in a different way to most other mortgages:
Your mortgage amount is typically based on how much income you will earn renting out the property.
This is what’s called your Income Coverage Ratio – it’s there to make sure your rental income is enough to cover the total cost of your mortgage and associated fees.
Lenders also use something called stress rate. This factors in your income and existing debt to calculate whether you could afford a higher rate of interest.
Yes! Most lenders will allow you to remortgage your main home and raise the deposit needed in order to Buy to Let. You’ll need to double check you have sufficient Equity within your home, the affordability stacks up, and that the money raised is enough to put down as a deposit.
This is one of the most common ways that we find people invest in property for the very first time.
*You may have to pay an early repayment charge to your existing lender if you remortgage early.
There is no strict limit, but some mortgage lenders may impose restrictions on the number of mortgages, or the total amount borrowed that they allow you to have.
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Considering applying for a buy-to-rent mortgage in the UK? Ensure you make the right decision for you with a helping hand from the property experts at UKMC.
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UK Mortgage Centre Limited is an Appointed Representative of Refresh Mortgage Network Limited. Refresh Mortgage Network Limited is authorised and regulated by the Financial Conduct Authority. We are entered on the Financial Services Register under firm number 1019794.
As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments. The Financial Conduct Authority does not regulate some forms of buy-to-let mortgages.
The Financial Conduct Authority does not regulate will writing and taxation and trust advice.
You may be charged a fee for your advice. A typical fee is £495, which would be payable when you receive your mortgage offer. Your dedicated advisor will discuss this further on your free initial phone call.
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