Buy to Let

 Buy-to-Let Mortgages Made Simple

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Whether you are thinking about taking the plunge with your first one or adding to your portfolio, we are experienced and knowledgeable when it comes to the ever changing Buy-to-Let Mortgages.

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The Buy-to-Let Mortgages market has changed a lot though in recent years with tax changes, lender requirements and legislation. It is no longer as straight forward as it used to be so you need an expert to guide you through, and that is us!

How much deposit do I need for a buy to let?

This really depends on the rental income these days, much more than it used to. Officially you could have as little as 20% deposit with some lenders but every lender will apply a “stress test” or a rental coverage calculation that might make it hard to actually achieve this. in some cases though it may possible, particularly with areas or properties that have a particularly good rental income compared to the purchase price. Generally 25% deposit is achievable on most investment properties.

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Should I have a repayment or interest only mortgage?

Some people that just want one property may want to try and get the mortgage repaid by their retirement age. If you have multiple properties though this is unusual and it is more common to just pay the interest. After all, there are buy to let lenders with no maximum age out there so you could keep your mortgage much longer than you would on a residential property.

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How much income do I need for a buy to let?

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Most lenders have a minimum income to do a buy to let which is usually around £25,000 per year. However, there are some that do not have this requirement and so will lend on lower incomes. For example, if you’re retired or even if your only income is from renting properties.

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Am I too old for Buy-to-Let Mortgages?

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There are lenders that will go far beyond retirement age for a buy to let mortgage so as long as the rental coverage calculation works then it is possible to get a mortgage later in life.