Applying for a buy-to-let mortgage

Firstly, we recommend to sit down and run through your finances to compare the cost you’d pay for the property, against the likely rent you can collect from tenants. This will help you identify firstly if the investment is likely to be profitable, and over how many years, which is useful to take into account when looking at obtaining a buy-to-let mortgage.

A mortgage adviser could talk you through this so you have a clear idea of whether you can comfortably afford the mortgage on your own. When you’re ready to apply for your buy-to-let mortgage, we will be able to arrange an appointment that can help to fit around you, whether that’s face-to-face, online or over the phone.

We are ready to share our knowledge and experience to help to find you the most suitable deals for your circumstances. We know that no two mortgages are the same, and we’ll aim to listen to your needs and recommend the most appropriate products. Searching the market yourself can be time-consuming, but with our help, we can search thousands of mortgages. We have regular contact with a wide range of specialist lenders, and with our help, you won’t necessarily need to search or contact each individual lender to compare mortgage terms and rates, we will aim to do all of this for you.

We’ll explain the process in order to help you make a start in your buy-to-let journey. We will go through details of the different fees involved, what they are for, and take them into account when finding the right mortgage deal for you.

We have a duty of care for you too, and we are keen to point out that your home may be repossessed if you do not keep up repayments on your mortgage.

How much to borrow?

Before diving in, because buy-to-let can be a medium to long term investment, ask yourself whether you can afford to tie up your money for a long period of time. Buy-to-let mortgage rates are constantly changing and variable by nature, but generally depend upon the following factors:

• Credit score

• Amount of deposit put down

• Level of risk in the loan for the lender

• Type of mortgage product recommended for your circumstances

It’s always worth seeking advice from a qualified mortgage adviser before making any firm decisions, especially as chances are you will be investing a significant sum into a buy-to-let venture. Your borrowing (and speed of paying back) will be dictated by the amount of rent that you can derive from your property.

The amount you can reasonably charge for rent will be driven by the market itself. Compare prices online at Rightmove and Zoopla to get a feel for prices at similar properties.

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

There may be a fee for mortgage advice. The Financial Conduct Authority does not regulate some forms of buy to lets.