What is a buy to let mortgage?
Buy to let (BTL) mortgages are for landlords who want to buy property to rent it out. Applying for a buy to let mortgage is a fairly similar process to a residential mortgage application. However, there are some important differences, particularly when considering how much you can afford and the size of your deposit.
Steps to getting a buy to let mortgage
The amount you can borrow is based on how much rent the property can generate versus the cost of the mortgage. As an indication, we require:
Understand any responsibilities as a potential landlord
From contracts to deposit protection and certificates for gas and electricity, there's a host of requirements that you need adhere to when renting a property.
Find out what you could borrow
Without affecting your credit score, you can get an indication of how much you could borrow by getting an Agreement in Principle. If you're ready to switch your current mortgage to a different deal, or just want to have a look at what we have on offer, you can get started by filling out our form and one of our advisors will be in touch.
What is agreement in principle
An Agreement in Principle, also known as a Mortgage in Principle or Decision in Principle, is a more accurate indication of how much we could lend to you to buy your next home
There is no guarantee that it will be possible to arrange continuous letting of the property, nor that rental income will be sufficient to meet the cost of the mortgage.
Your property may be repossessed if you do not keep up repayments on your mortgage.