What are Buy to Let mortgages? 

Buy to Let mortgages are for people who wish to own a property and rent it out. They will purchase the property and find a suitable tenant to move in. Buy to Let are considered investment properties.

How much can I borrow?

Most lenders have their own BTL mortgage calculators to ascertain how much can be borrowed. The amount they will lend is based on many different factors but the biggest one is rental income received for the property.
Lenders normally want the rental income to be at least 125% of the mortgage amount and sometimes even up 145%. Its easier to obtain a mortgage on a property that is located in an area with a high level of rent demand.

How many Buy to Let mortgages are you allowed?

Most would be landlords want to build up a property portfolio. With that in mind most lenders let you have between 5 and 10 properties with same or different lenders. If your building up a property portfolio then best to talk to a Mortgage Advisor in order to receive good advice.

Can I Buy any Property to do up on a Buy to Let mortgage?

When you buy a Buy to Let Property is must be in habitable condition. The property must be able to rent out in the condition it is purchased in.

Is there and age limit on buying a Buy to Let Property?

Yes but many lenders now accept applicants up to age 85

Any questions about Buy To Let Mortgages? Why not call us on 0131 463 5678 or use the quick contact form below. We look forward to hearing from you soon.