Compare Buy to Let Mortgages
- Buy-to-let mortgages are designed specifically for property investors purchasing a property for the rental market.
- Buy-to-let products include all the usual mortgage types such as fixed rate and tracker rate.
Please wait - searching the UK mortgage market
-
![Halifax's logo']()
Halifax 2 Year Fixed
-
Initial Rate
1.40% Fixed to 28/02/2023
-
APRC
4.30%
-
Product Fee
£1,495
-
Monthly Repayment
£592.88
-
Lender:
Halifax
-
Max First Time Buyer LTV:
0%
-
Max House Purchase LTV:
60%
-
Max Remortgage LTV:
0%
-
Min Loan:
£25,000
-
Max Loan:
Varies
-
Product Description:
1.40% Fixed to 28/02/2023
-
Incentives:
-
Initial Monthly Repayment:
£592.88 x 27
-
Ongoing Monthly Payments:
£807.09 x 273
-
Total Amount Payable:
£238,838.33
-
Total Interest Payable:
£86,343.33
-
Valuation Fee:
£200
-
Exit Admin Fee:
£0
-
Early Repayment Charge:
Yes
-
Early Repayment Charge Details:
to 28/2/23: 2/1% Mortgage Advance
-
Initial Rate
-
![Halifax's logo']()
Halifax 2 Year Fixed
-
Initial Rate
1.42% Fixed to 28/02/2023
-
APRC
4.30%
-
Product Fee
£1,495
-
Monthly Repayment
£594.28
-
Lender:
Halifax
-
Max First Time Buyer LTV:
0%
-
Max House Purchase LTV:
0%
-
Max Remortgage LTV:
60%
-
Min Loan:
£25,000
-
Max Loan:
Varies
-
Product Description:
1.42% Fixed to 28/02/2023
-
Incentives:
Free valuation fees
free valuation admin fees
free legal fees
-
Initial Monthly Repayment:
£594.28 x 27
-
Ongoing Monthly Payments:
£807.25 x 273
-
Total Amount Payable:
£237,919.81
-
Total Interest Payable:
£86,424.81
-
Valuation Fee:
Free
-
Exit Admin Fee:
£0
-
Early Repayment Charge:
Yes
-
Early Repayment Charge Details:
to 28/2/23: 2/1% Mortgage Advance
-
Initial Rate
-
![Post Office Money®'s logo']()
Post Office Money® 2 Year Fixed
-
Initial Rate
1.42% Fixed to 30/11/2022
-
APRC
4.20%
-
Product Fee
£1,495
-
Monthly Repayment
£594.28
-
Lender:
Post Office Money®
-
Max First Time Buyer LTV:
0%
-
Max House Purchase LTV:
60%
-
Max Remortgage LTV:
60%
-
Min Loan:
£25,001
-
Max Loan:
Varies
-
Product Description:
1.42% Fixed to 30/11/2022
-
Incentives:
-
Initial Monthly Repayment:
£594.28 x 24
-
Ongoing Monthly Payments:
£821.32 x 276
-
Total Amount Payable:
£243,347.04
-
Total Interest Payable:
£90,947.04
-
Valuation Fee:
£310
-
Exit Admin Fee:
£195
-
Early Repayment Charge:
Yes
-
Early Repayment Charge Details:
to 30/11/22: 3/2% Sum Repaid
-
Initial Rate
-
![HSBC's logo']()
HSBC 2 Year Variable
-
Initial Rate
1.44% Variable for 2 years
-
APRC
4.20%
-
Product Fee
£1,999
-
Monthly Repayment
£595.69
-
Lender:
HSBC
-
Max First Time Buyer LTV:
60%
-
Max House Purchase LTV:
60%
-
Max Remortgage LTV:
60%
-
Min Loan:
£25,000
-
Max Loan:
Varies
-
Product Description:
1.44% Variable for 2 years
-
Incentives:
Free valuation fees
-
Initial Monthly Repayment:
£595.69 x 24
-
Ongoing Monthly Payments:
£822.24 x 276
-
Total Amount Payable:
£243,633.80
-
Total Interest Payable:
£91,234.80
-
Valuation Fee:
Free
-
Exit Admin Fee:
£0
-
Early Repayment Charge:
No
-
Initial Rate
-
![Lloyds Bank's logo']()
Lloyds Bank 2 Year Fixed
-
Initial Rate
1.49% Fixed to 28/02/2023
-
APRC
4.30%
-
Product Fee
£1,495
-
Monthly Repayment
£599.20
-
Lender:
Lloyds Bank
-
Max First Time Buyer LTV:
0%
-
Max House Purchase LTV:
0%
-
Max Remortgage LTV:
60%
-
Min Loan:
£25,000
-
Max Loan:
£1,000,000
-
Product Description:
1.49% Fixed to 28/02/2023
-
Incentives:
Free valuation fees
free legal fees
-
Initial Monthly Repayment:
£599.20 x 27
-
Ongoing Monthly Payments:
£807.81 x 273
-
Total Amount Payable:
£238,205.53
-
Total Interest Payable:
£86,710.53
-
Valuation Fee:
Free
-
Exit Admin Fee:
£0
-
Early Repayment Charge:
Yes
-
Early Repayment Charge Details:
to 28/2/23: 2/1% Sum Repaid
-
Initial Rate
-
![Lloyds Bank's logo']()
Lloyds Bank 2 Year Fixed
-
Initial Rate
1.49% Fixed to 28/02/2023
-
APRC
4.30%
-
Product Fee
£1,495
-
Monthly Repayment
£599.20
-
Lender:
Lloyds Bank
-
Max First Time Buyer LTV:
0%
-
Max House Purchase LTV:
0%
-
Max Remortgage LTV:
60%
-
Min Loan:
£25,000
-
Max Loan:
£1,000,000
-
Product Description:
1.49% Fixed to 28/02/2023
-
Incentives:
Free valuation fees
free legal fees
£200 cashback
-
Initial Monthly Repayment:
£599.20 x 27
-
Ongoing Monthly Payments:
£807.81 x 273
-
Total Amount Payable:
£238,005.53
-
Total Interest Payable:
£86,710.53
-
Valuation Fee:
Free
-
Exit Admin Fee:
£0
-
Early Repayment Charge:
Yes
-
Early Repayment Charge Details:
to 28/2/23: 2/1% Sum Repaid
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-
Initial Rate
-
![Coventry BS's logo']()
Coventry BS 2 Year Fixed
-
Initial Rate
1.59% Fixed to 31/01/2023
-
APRC
4.20%
-
Product Fee
£1,999
-
Monthly Repayment
£606.27
-
Lender:
Coventry BS
-
Max First Time Buyer LTV:
0%
-
Max House Purchase LTV:
65%
-
Max Remortgage LTV:
65%
-
Min Loan:
£25,000
-
Max Loan:
Varies
-
Product Description:
1.59% Fixed to 31/01/2023
-
Incentives:
Free valuation fees (Max £700)
free legal fees Remortgages
-
Initial Monthly Repayment:
£606.27 x 26
-
Ongoing Monthly Payments:
£813.22 x 274
-
Total Amount Payable:
£240,584.30
-
Total Interest Payable:
£88,585.30
-
Valuation Fee:
Free
-
Exit Admin Fee:
£0
-
Early Repayment Charge:
Yes
-
Early Repayment Charge Details:
to 31/1/22: 1% Sum Repaid
-
Initial Rate
-
![NatWest's logo']()
NatWest 2 Year Fixed
-
Initial Rate
1.60% Fixed to 31/03/2023
-
APRC
3.70%
-
Product Fee
£995
-
Monthly Repayment
£606.98
-
Lender:
NatWest
-
Max First Time Buyer LTV:
0%
-
Max House Purchase LTV:
0%
-
Max Remortgage LTV:
60%
-
Min Loan:
£25,000
-
Max Loan:
Varies
-
Product Description:
1.60% Fixed to 31/03/2023
-
Incentives:
Free valuation fees
free legal fees
free valuation admin fees
-
Initial Monthly Repayment:
£606.98 x 28
-
Ongoing Monthly Payments:
£781.40 x 272
-
Total Amount Payable:
£230,531.24
-
Total Interest Payable:
£79,536.24
-
Valuation Fee:
Free
-
Exit Admin Fee:
£0
-
Early Repayment Charge:
Yes
-
Early Repayment Charge Details:
to 31/3/23: 2/1% Sum Repaid
-
Initial Rate
-
![NatWest's logo']()
NatWest 2 Year Fixed
-
Initial Rate
1.60% Fixed to 31/03/2023
-
APRC
3.70%
-
Product Fee
£995
-
Monthly Repayment
£606.98
-
Lender:
NatWest
-
Max First Time Buyer LTV:
60%
-
Max House Purchase LTV:
60%
-
Max Remortgage LTV:
0%
-
Min Loan:
£25,000
-
Max Loan:
Varies
-
Product Description:
1.60% Fixed to 31/03/2023
-
Incentives:
-
Initial Monthly Repayment:
£606.98 x 28
-
Ongoing Monthly Payments:
£781.40 x 272
-
Total Amount Payable:
£231,579.24
-
Total Interest Payable:
£79,536.24
-
Valuation Fee:
£248
-
Exit Admin Fee:
£0
-
Early Repayment Charge:
Yes
-
Early Repayment Charge Details:
to 31/3/23: 2/1% Sum Repaid
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-
Initial Rate
-
![Royal Bank of Scotland's logo']()
Royal Bank of Scotland 2 Year Fixed
-
Initial Rate
1.60% Fixed to 31/03/2023
-
APRC
3.30%
-
Product Fee
£995
-
Monthly Repayment
£606.98
-
Lender:
Royal Bank of Scotland
-
Max First Time Buyer LTV:
60%
-
Max House Purchase LTV:
60%
-
Max Remortgage LTV:
0%
-
Min Loan:
£25,000
-
Max Loan:
Varies
-
Product Description:
1.60% Fixed to 31/03/2023
-
Incentives:
-
Initial Monthly Repayment:
£606.98 x 28
-
Ongoing Monthly Payments:
£744.32 x 272
-
Total Amount Payable:
£221,493.48
-
Total Interest Payable:
£69,450.48
-
Valuation Fee:
£248
-
Exit Admin Fee:
£0
-
Early Repayment Charge:
Yes
-
Early Repayment Charge Details:
to 31/3/23: 2/1% Sum Repaid
-
Initial Rate
-
![Royal Bank of Scotland's logo']()
Royal Bank of Scotland 2 Year Fixed
-
Initial Rate
1.60% Fixed to 31/03/2023
-
APRC
3.30%
-
Product Fee
£995
-
Monthly Repayment
£606.98
-
Lender:
Royal Bank of Scotland
-
Max First Time Buyer LTV:
0%
-
Max House Purchase LTV:
0%
-
Max Remortgage LTV:
60%
-
Min Loan:
£25,000
-
Max Loan:
Varies
-
Product Description:
1.60% Fixed to 31/03/2023
-
Incentives:
Free valuation fees
free legal fees
free valuation admin fees
-
Initial Monthly Repayment:
£606.98 x 28
-
Ongoing Monthly Payments:
£744.32 x 272
-
Total Amount Payable:
£220,445.48
-
Total Interest Payable:
£69,450.48
-
Valuation Fee:
Free
-
Exit Admin Fee:
£0
-
Early Repayment Charge:
Yes
-
Early Repayment Charge Details:
to 31/3/23: 2/1% Sum Repaid
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-
Initial Rate
-
![HSBC's logo']()
HSBC 2 Year Variable
-
Initial Rate
1.64% Variable for 2 years
-
APRC
4.30%
-
Product Fee
£1,999
-
Monthly Repayment
£609.82
-
Lender:
HSBC
-
Max First Time Buyer LTV:
65%
-
Max House Purchase LTV:
65%
-
Max Remortgage LTV:
65%
-
Min Loan:
£25,000
-
Max Loan:
Varies
-
Product Description:
1.64% Variable for 2 years
-
Incentives:
Free valuation fees
-
Initial Monthly Repayment:
£609.82 x 24
-
Ongoing Monthly Payments:
£823.69 x 276
-
Total Amount Payable:
£244,373.12
-
Total Interest Payable:
£91,974.12
-
Valuation Fee:
Free
-
Exit Admin Fee:
£0
-
Early Repayment Charge:
No
-
Initial Rate
-
![Bank of Ireland UK's logo']()
Bank of Ireland UK 2 Year Fixed
-
Initial Rate
1.68% Fixed to 28/02/2023
-
APRC
3.80%
-
Product Fee
£995
-
Monthly Repayment
£612.67
-
Lender:
Bank of Ireland UK
-
Max First Time Buyer LTV:
0%
-
Max House Purchase LTV:
60%
-
Max Remortgage LTV:
60%
-
Min Loan:
£25,001
-
Max Loan:
Varies
-
Product Description:
1.68% Fixed to 28/02/2023
-
Incentives:
-
Initial Monthly Repayment:
£612.67 x 27
-
Ongoing Monthly Payments:
£782.65 x 273
-
Total Amount Payable:
£232,105.54
-
Total Interest Payable:
£80,205.54
-
Valuation Fee:
£310
-
Exit Admin Fee:
£195
-
Early Repayment Charge:
Yes
-
Early Repayment Charge Details:
to 28/2/23: 3/2% Sum Repaid
-
Initial Rate
-
![HSBC's logo']()
HSBC 2 Year Fixed
-
Initial Rate
1.69% Fixed to 31/12/2022
-
APRC
4.40%
-
Product Fee
£1,999
-
Monthly Repayment
£613.39
-
Lender:
HSBC
-
Max First Time Buyer LTV:
60%
-
Max House Purchase LTV:
60%
-
Max Remortgage LTV:
60%
-
Min Loan:
£25,000
-
Max Loan:
Varies
-
Product Description:
1.69% Fixed to 31/12/2022
-
Incentives:
Free valuation fees
-
Initial Monthly Repayment:
£613.39 x 25
-
Ongoing Monthly Payments:
£823.28 x 275
-
Total Amount Payable:
£244,135.75
-
Total Interest Payable:
£91,736.75
-
Valuation Fee:
Free
-
Exit Admin Fee:
£0
-
Early Repayment Charge:
Yes
-
Early Repayment Charge Details:
to 31/12/22: 2/1% Sum Repaid
-
Initial Rate
-
![Skipton BS's logo']()
Skipton BS 2 Year Fixed
-
Initial Rate
1.69% Fixed to 31/01/2023
-
APRC
4.50%
-
Product Fee
£995
-
Monthly Repayment
£613.39
-
Lender:
Skipton BS
-
Max First Time Buyer LTV:
0%
-
Max House Purchase LTV:
60%
-
Max Remortgage LTV:
60%
-
Min Loan:
£0
-
Max Loan:
Varies
-
Product Description:
1.69% Fixed to 31/01/2023
-
Incentives:
Free valuation fees
free legal fees Remortgages
-
Initial Monthly Repayment:
£613.39 x 26
-
Ongoing Monthly Payments:
£841.31 x 274
-
Total Amount Payable:
£247,583.08
-
Total Interest Payable:
£96,467.08
-
Valuation Fee:
£26
-
Exit Admin Fee:
£95
-
Early Repayment Charge:
Yes
-
Early Repayment Charge Details:
to 31/1/23: 2/1% Outstanding Balance
-
Initial Rate
-
![Halifax's logo']()
Halifax 5 Year Fixed
-
Initial Rate
1.70% Fixed to 28/02/2026
-
APRC
3.80%
-
Product Fee
£1,495
-
Monthly Repayment
£614.10
-
Lender:
Halifax
-
Max First Time Buyer LTV:
0%
-
Max House Purchase LTV:
60%
-
Max Remortgage LTV:
0%
-
Min Loan:
£25,000
-
Max Loan:
Varies
-
Product Description:
1.70% Fixed to 28/02/2026
-
Incentives:
-
Initial Monthly Repayment:
£614.10 x 63
-
Ongoing Monthly Payments:
£783.80 x 237
-
Total Amount Payable:
£226,943.90
-
Total Interest Payable:
£74,448.90
-
Valuation Fee:
£200
-
Exit Admin Fee:
£0
-
Early Repayment Charge:
Yes
-
Early Repayment Charge Details:
to 28/2/26: 5/4/3/2/1% Mortgage Advance
-
Initial Rate
-
![Virgin Money's logo']()
Virgin Money 2 Year Fixed
-
Initial Rate
1.71% Fixed to 01/03/2023
-
APRC
4.30%
-
Product Fee
£1,995
-
Monthly Repayment
£614.82
-
Lender:
Virgin Money
-
Max First Time Buyer LTV:
0%
-
Max House Purchase LTV:
60%
-
Max Remortgage LTV:
60%
-
Min Loan:
£0
-
Max Loan:
Varies
-
Product Description:
1.71% Fixed to 01/03/2023
-
Incentives:
Free valuation fees
£250 cashback House Purchase
£300 cashbackRemortgages or free legal feesRemortgages
-
Initial Monthly Repayment:
£614.82 x 27
-
Ongoing Monthly Payments:
£817.27 x 273
-
Total Amount Payable:
£241,509.85
-
Total Interest Payable:
£89,714.85
-
Valuation Fee:
Free
-
Exit Admin Fee:
£50
-
Early Repayment Charge:
Yes
-
Early Repayment Charge Details:
to 1/3/23: 1.5% Outstanding Balance
-
Initial Rate
-
![Virgin Money's logo']()
Virgin Money 3 Year Fixed
-
Initial Rate
1.71% Fixed to 01/03/2024
-
APRC
4.10%
-
Product Fee
£1,995
-
Monthly Repayment
£614.82
-
Lender:
Virgin Money
-
Max First Time Buyer LTV:
0%
-
Max House Purchase LTV:
60%
-
Max Remortgage LTV:
60%
-
Min Loan:
£0
-
Max Loan:
Varies
-
Product Description:
1.71% Fixed to 01/03/2024
-
Incentives:
Free valuation fees
£250 cashback House Purchase
£300 cashbackRemortgages or free legal feesRemortgages
-
Initial Monthly Repayment:
£614.82 x 39
-
Ongoing Monthly Payments:
£808.40 x 261
-
Total Amount Payable:
£236,765.38
-
Total Interest Payable:
£84,970.38
-
Valuation Fee:
Free
-
Exit Admin Fee:
£50
-
Early Repayment Charge:
Yes
-
Early Repayment Charge Details:
to 1/3/24: 2.5% Outstanding Balance
-
Initial Rate
-
![Post Office Money®'s logo']()
Post Office Money® 2 Year Fixed
-
Initial Rate
1.73% Fixed to 30/11/2022
-
APRC
4.30%
-
Product Fee
£1,495
-
Monthly Repayment
£616.25
-
Lender:
Post Office Money®
-
Max First Time Buyer LTV:
0%
-
Max House Purchase LTV:
75%
-
Max Remortgage LTV:
75%
-
Min Loan:
£25,001
-
Max Loan:
Varies
-
Product Description:
1.73% Fixed to 30/11/2022
-
Incentives:
-
Initial Monthly Repayment:
£616.25 x 24
-
Ongoing Monthly Payments:
£823.54 x 276
-
Total Amount Payable:
£244,487.04
-
Total Interest Payable:
£92,087.04
-
Valuation Fee:
£310
-
Exit Admin Fee:
£195
-
Early Repayment Charge:
Yes
-
Early Repayment Charge Details:
to 30/11/22: 3/2% Sum Repaid
-
Initial Rate
-
![HSBC's logo']()
HSBC 2 Year Variable
-
Initial Rate
1.79% Variable for 2 years
-
APRC
4.30%
-
Product Fee
£1,999
-
Monthly Repayment
£620.56
-
Lender:
HSBC
-
Max First Time Buyer LTV:
75%
-
Max House Purchase LTV:
75%
-
Max Remortgage LTV:
75%
-
Min Loan:
£25,000
-
Max Loan:
Varies
-
Product Description:
1.79% Variable for 2 years
-
Incentives:
Free valuation fees
-
Initial Monthly Repayment:
£620.56 x 24
-
Ongoing Monthly Payments:
£824.75 x 276
-
Total Amount Payable:
£244,923.44
-
Total Interest Payable:
£92,524.44
-
Valuation Fee:
Free
-
Exit Admin Fee:
£0
-
Early Repayment Charge:
No
-
Initial Rate
-
![Leeds BS's logo']()
Leeds BS 2 Year Fixed
-
Initial Rate
1.79% Fixed to 31/01/2023
-
APRC
4.80%
-
Product Fee
£999
-
Monthly Repayment
£620.56
-
Lender:
Leeds BS
-
Max First Time Buyer LTV:
0%
-
Max House Purchase LTV:
60%
-
Max Remortgage LTV:
60%
-
Min Loan:
£0
-
Max Loan:
Varies
-
Product Description:
1.79% Fixed to 31/01/2023
-
Incentives:
Free valuation fees (Max £999)
free valuation admin fees
help towards costs Remortgages
-
Initial Monthly Repayment:
£620.56 x 26
-
Ongoing Monthly Payments:
£822.51 x 36
-
Total Amount Payable:
£260,010.20
-
Total Interest Payable:
£108,412.20
-
Valuation Fee:
Free
-
Exit Admin Fee:
£199
-
Early Repayment Charge:
Yes
-
Early Repayment Charge Details:
to 31/1/23: 3/2% Sum Repaid
-
Initial Rate
-
![Barclays Mortgage's logo']()
Barclays Mortgage 2 Year Fixed
-
Initial Rate
1.80% Fixed to 31/01/2023
-
APRC
4.30%
-
Product Fee
£1,795
-
Monthly Repayment
£621.28
-
Lender:
Barclays Mortgage
-
Max First Time Buyer LTV:
0%
-
Max House Purchase LTV:
0%
-
Max Remortgage LTV:
60%
-
Min Loan:
£35,000
-
Max Loan:
£1,000,000
-
Product Description:
1.80% Fixed to 31/01/2023
-
Incentives:
Free valuation fees Remortgages
£500 cashbackRemortgages or free legal feesRemortgages
- Website:
-
Initial Monthly Repayment:
£621.28 x 26
-
Ongoing Monthly Payments:
£822.58 x 274
-
Total Amount Payable:
£243,415.20
-
Total Interest Payable:
£91,540.20
-
Valuation Fee:
Free
-
Exit Admin Fee:
£80
-
Early Repayment Charge:
Yes
-
Early Repayment Charge Details:
to 31/1/23: 2% Sum Repaid
-
Initial Rate
-
![Barclays Mortgage's logo']()
Barclays Mortgage 2 Year Fixed
-
Initial Rate
1.80% Fixed to 31/01/2023
-
APRC
4.30%
-
Product Fee
£1,295
-
Monthly Repayment
£621.28
-
Lender:
Barclays Mortgage
-
Max First Time Buyer LTV:
60%
-
Max House Purchase LTV:
60%
-
Max Remortgage LTV:
0%
-
Min Loan:
£35,000
-
Max Loan:
£1,000,000
-
Product Description:
1.80% Fixed to 31/01/2023
-
Incentives:
- Website:
-
Initial Monthly Repayment:
£621.28 x 26
-
Ongoing Monthly Payments:
£822.58 x 274
-
Total Amount Payable:
£243,945.20
-
Total Interest Payable:
£91,540.20
-
Valuation Fee:
£230
-
Exit Admin Fee:
£80
-
Early Repayment Charge:
Yes
-
Early Repayment Charge Details:
to 31/1/23: 2% Sum Repaid
-
Initial Rate
-
![Halifax's logo']()
Halifax 2 Year Fixed
-
Initial Rate
1.81% Fixed to 28/02/2023
-
APRC
4.20%
-
Product Fee
£0
-
Monthly Repayment
£622
-
Lender:
Halifax
-
Max First Time Buyer LTV:
0%
-
Max House Purchase LTV:
60%
-
Max Remortgage LTV:
0%
-
Min Loan:
£25,000
-
Max Loan:
Varies
-
Product Description:
1.81% Fixed to 28/02/2023
-
Incentives:
No arrangement fees
-
Initial Monthly Repayment:
£622 x 27
-
Ongoing Monthly Payments:
£810.34 x 273
-
Total Amount Payable:
£239,016.82
-
Total Interest Payable:
£88,016.82
-
Valuation Fee:
£200
-
Exit Admin Fee:
£0
-
Early Repayment Charge:
Yes
-
Early Repayment Charge Details:
to 28/2/23: 2/1% Mortgage Advance
-
Initial Rate
Your home may be repossessed if you do not keep up repayments on your mortgage.
The mortgage data above was supplied by Moneyfacts Group Plc and is updated at the time of mortgage search. The figures and data provided in our tables are for illustration purposes only. While we make every effort to ensure the accuracy of this data you should always confirm the terms on offer with the provider/broker. We do not give any financial advice.
Our mortgage comparison service is partnered with L&C Mortgages for selections made outside of our featured lenders. Featured lenders are firms with whom we have a direct commercial relationship.
Buy to Let Mortgages FAQ
What is a buy to let mortgage?
A buy to let mortgage is a mortgage on a property which you rent out to a tenant rather than live in yourself.
Are buy to let mortgages more expensive than residential mortgages?
Yes. Buy to let mortgages tend to have a higher rate than residential mortgages.
What criteria must I meet to take out a buy to let mortgage?
Along with the general criteria all mortgage lenders require, including having a good credit score and being within the lender's age limits, to take out a buy to let mortgage you'll usually need at least a 25% deposit. A number of lenders will also require you to own your own home (or have a residential mortgage on a property).
How much can I borrow with a buy to let mortgage?
The amount you can borrow will depend largely upon how much you're able to rent the property out for. As such, it's essential that you research the rental market in the area in which you're buying before making a purchase. Lenders will also look at your credit score and your outgoings.
Do I need a larger deposit to take out a buy to let mortgage?
Most mortgage lenders will require a deposit of at least 25% of the property value to take out a buy to let mortgage.
Do I need to own my home to take out a buy to let mortgage?
While most lenders would want you to have your own home before taking out a buy to let mortgage, it is possible to get a buy-to-let mortgage as a first-time buyer. Your choice of products will be reduced however and you may be deemed a higher risk and have to stump up a higher deposit as a result.
What fees will I pay for a buy to let mortgage?
Just like with residential mortgages, the main fees that apply to buy to let mortgages are booking fees, arrangement fees, valuation fees and legal fees - although not all fees apply to all products. Be warned however that some buy to let mortgages feature a higher arrangement fee than residential mortgages.
You'll also pay a CHAPS fee to your lender for transferring the funds to your solicitor. This is usually no more than £50.
What is a rental yield?
The rental yield is the income you make from renting the property out and is presented as a percentage of your property value. For example, if the property costs £100,000 and you rent it out for £10,000 per annum, your rental yield is 10%.
What is a rental coverage requirement?
A rental coverage requirement is the minimum amount of rent you have to be able to achieve each month to obtain a mortgage. It is set as a percentage of the monthly mortgage repayments. Each lender will have their own rental coverage requirements but the industry average is between 125% and 145% meaning you have to be able to secure up to 45% more than your monthly mortgage repayment in rent to get the loan.
What are the benefits of a buy to let mortgage?
If you want to invest in property and can't afford to buy it outright, then a buy to let mortgage is your only option. Rental properties can provide an income and/or grow in value, but it is important to fully research the rental market and be prepared for long term investment.
What potential downsides should I be aware of?
Most mortgage lenders will require a deposit of at least 25% of the property value to take out a buy to let mortgage.
Do I need a larger deposit to take out a buy to let mortgage?
Higher tax charges can apply to rental properties, including higher Stamp Duty surcharges than those of residential homes. You should also consider what you will do if you struggle to rent out the property or have a long period with no tenants. When working out your budget be sure to factor in the costs involved with running a property, including letting agent costs, maintenance costs, etc.
How can I compare buy to let mortgages?
Buy to let mortgages are more complex than residential loans so it's important you're given all of the figures and facts clearly and concisely. NerdWallet's free to use comparison tables allow you to sort buy to let mortgages by rate, fees and overall cost to give you the clearest view of what's on offer.
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