This allows you to buy a property so you can earn an income from renting it out.
What you need to know
Buy to let mortgages are attractive way of investing and making an income from property. There’s a range of buy to let mortgages specifically designed for you. Here’s what you’ll need:
- A buy-to-let deposit – these are larger than normal mortgage deposits and are likely to be 15 – 25% of the property’s value
- Rental income – what you expect to get in monthly rent needs to be bigger than your monthly mortgage repayments
- Investment potential – the mortgage lender will look at the property to see if they think it’s a good investment opportunity
- Cost – you’ll need to ensure you have sufficient funds to cover stamp duty, survey costs, solicitor’s fees and any letting agents you may use.
- Insurance – specialist landlord insurance will be required to cover your property both inside and out. Find out more here.
- Employed? – Some lenders may need to see proof of income in addition to rental income before they offer you a mortgage
What we need to find out first is how much you can borrow
Put your details in below to get a rough idea of how much you could borrow.
How much can I borrow based on rental income?
Disclaimer: This is not a quotation under the consumer credit act. All figures are subject to lender, affordability and your personal circumstances.Ok, how does it work?
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