Can I get a buy to let mortgage?

Buy to let mortgages are judged and evaluated in a different way to a standard residential mortgage. The lender assessing the mortgage application is predominantly concerned with how much income your buy to let property will generate, rather than your own income and expenditure. However, most lenders will still need you to be earning an additional income which would cover the mortgage repayments should your property become unlet for a short period of time.

As a rough guide, the lender will usually want to see the rental income to be between 125% and 145% of the monthly mortgage payments.

However, considering that all buy to let mortgage lenders operate different criteria for buy to let investments, it is always advisable to call our specialist buy to let mortgage broking team on 01707 872000 to find the most suitable buy to let mortgage for you. Buy to let remortgages will work in a similar way.

Please note that with the examples highlighted below that the final mortgage rate available to you will depend on your specific financial circumstances. Also, these examples mortgage rates shown below are only available for a certain length of time. However, we can review the market and provide you with the best available rate when you call us. 

But to Let Mortgage Deals – October – November 2022

---

Mortgage Deal – Option 1

£150,000 loan with a 25-year term

Fixed Rate of 4.39% until 31.01.2025

Monthly Payment £548.75

Early repayment charges will apply until 31.01.2025
The overall cost for comparison is 7% APRC

For an interest only mortgage you would pay 26 payments at a cost of 4.39% with monthly payments of £548.75, followed by 274 payments at a variable rate which is currently 6.99% with monthly payments of £873.75 Total amount payable £408,625.

The illustration is based on an interest only mortgage.

---

Mortgage Deal – Option 2

£200,000 loan with a 25-year term

Fixed rate of 4.39% until 31.01.2025

Monthly Payment £1,187.50

Early repayment charges will apply until 31.01.2025
The overall cost for comparison is 7% APRC

For an interest only mortgage you would pay 26 payments at a cost of 4.39% with monthly payments of £731.67, followed by 274 payments at a variable rate which is currently 4.99% with monthly payments of £1,165.00. Total amount payable £544,748.

Please note if you are reading this this after 16/11/2022 it is possible that these rates may no longer be available.

---

Our Mortgage Services

Thomas Oliver provides mortgage advice for the following services:

• Mortgages
• Remortgages
• Buy to Let Mortgages
• Product Transfer
• Further Advances
• Interest Only Mortgages
• Repayment Mortgages
• Variable Mortgages
• Tracker Mortgages
• Fixed Mortgages

Errol Hall, Thomas Oliver mortgage and protection adviser in Cricklewood North London and Saffron Walden Essex said:

“Thomas Oliver mortgage brokers are highly experienced in assessing Buy to Let mortgages offering professional mortgage advice to both seasoned and first-time landlords to ensure the most suitable buy to let mortgage can be found. 

Our mortgage broking team discuss the advantages and disadvantages of Buy to Let mortgages with you and review the mortgage market for you, which saves you time and enables you to take up the best Buy to Let mortgage product for your circumstances.”

If you are interested in learning more about Buy to Let mortgages, please call our mortgage brokers now on 01707 872000 for an initial personalised consultation to discuss your Buy to Let requirements.