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Buy to Let Mortgages

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HSBC 2 Year Variable

Buy-To-Let

Initial Rate
1.44% Variable for 2 years
APRC
4.20%
Product Fee
£1,999
Monthly Repayment
£595.69

0808 291 2452

+ More Info

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

Leeds BS 2 Year Fixed

Buy-To-Let

Initial Rate
1.44% Fixed to 31/07/2023
APRC
4.80%
Product Fee
£1,999
Monthly Repayment
£595.69

Continue on Fluent Mortgages' website + More Info

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:
1.44% Fixed to 31/07/2023
Incentives:
Free valuation fees (Max £999)
free valuation admin fees
help towards costs Remortgages

Initial Monthly Repayment:
£595.69 x 26
Ongoing Monthly Payments:
£819.80 x 36
Total Amount Payable:
£259,566.30
Total Interest Payable:
£106,968.30
Valuation Fee:
Free
Exit Admin Fee:
£199
Early Repayment Charge:
Yes
Early Repayment Charge Details:
to 31/7/23: 3/2% Sum Repaid

Representative example

A mortgage of £150,000 payable over 25 years initially on a fixed rate for 26 months at 1.44%, reverting to 4.59% variable for 36 months and 5.59% variable for remaining term. 26 monthly payments of £595.69, 36 monthly payments of £819.80, and 238 monthly payments of £890.62. The total amount payable would be £259,216.30 made up of the loan amount, interest £106,968.30 and a product fee £1,999 and valuation fee £0. The overall cost for comparison is 4.80% APRC representative.

Coventry BS 2 Year Fixed

Buy-To-Let

Initial Rate
1.45% Fixed to 31/07/2023
APRC
4.20%
Product Fee
£1,999
Monthly Repayment
£596.39

Continue on Fluent Mortgages' website + More Info

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:
1.45% Fixed to 31/07/2023
Incentives:
Free valuation fees (Max £700)
free legal fees Remortgages

Initial Monthly Repayment:
£596.39 x 26
Ongoing Monthly Payments:
£812.13 x 274
Total Amount Payable:
£240,028.76
Total Interest Payable:
£88,029.76
Valuation Fee:
Free
Exit Admin Fee:
£0
Early Repayment Charge:
Yes
Early Repayment Charge Details:
to 31/7/23: 2/1% Sum Repaid

Post Office Money® 2 Year Fixed

Buy-To-Let

Initial Rate
1.50% Fixed to 30/06/2023
APRC
4.20%
Product Fee
£1,495
Monthly Repayment
£599.90

Continue on Fluent Mortgages' website + More Info

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:
1.50% Fixed to 30/06/2023
Incentives:

Initial Monthly Repayment:
£599.90 x 25
Ongoing Monthly Payments:
£821.08 x 275
Total Amount Payable:
£243,194.50
Total Interest Payable:
£90,794.50
Valuation Fee:
£310
Exit Admin Fee:
£195
Early Repayment Charge:
Yes
Early Repayment Charge Details:
to 30/6/23: 3/2% Sum Repaid

Halifax 2 Year Fixed

Buy-To-Let

Initial Rate
1.54% Fixed to 31/08/2023
APRC
4.30%
Product Fee
£1,495
Monthly Repayment
£602.73

Continue on Fluent Mortgages' website + More Info

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:
1.54% Fixed to 31/08/2023
Incentives:
Free valuation fees
free valuation admin fees
free legal fees

Initial Monthly Repayment:
£602.73 x 27
Ongoing Monthly Payments:
£808.21 x 273
Total Amount Payable:
£238,410.04
Total Interest Payable:
£86,915.04
Valuation Fee:
Free
Exit Admin Fee:
£0
Early Repayment Charge:
Yes
Early Repayment Charge Details:
to 31/8/23: 2/1% Mortgage Advance

TSB 2 Year Fixed

Buy-To-Let

Initial Rate
1.59% Fixed to 30/09/2023
APRC
4.10%
Product Fee
£995
Monthly Repayment
£606.27

Continue on Fluent Mortgages' website + More Info

Lender:
TSB
Max First Time Buyer LTV:
0%
Max House Purchase LTV:
60%
Max Remortgage LTV:
0%
Min Loan:
£25,005
Max Loan:
£500,000
Product Description:
1.59% Fixed to 30/09/2023
Incentives:
Free valuation fees

Initial Monthly Repayment:
£606.27 x 28
Ongoing Monthly Payments:
£807.87 x 272
Total Amount Payable:
£238,511.20
Total Interest Payable:
£86,716.20
Valuation Fee:
Free
Exit Admin Fee:
£0
Early Repayment Charge:
Yes
Early Repayment Charge Details:
to 30/9/23: 2/1% Sum Repaid

TSB 2 Year Fixed

Buy-To-Let

Initial Rate
1.59% Fixed to 30/09/2023
APRC
4.00%
Product Fee
£995
Monthly Repayment
£606.27

Continue on Fluent Mortgages' website + More Info

Lender:
TSB
Max First Time Buyer LTV:
0%
Max House Purchase LTV:
0%
Max Remortgage LTV:
60%
Min Loan:
£25,005
Max Loan:
£500,000
Product Description:
1.59% Fixed to 30/09/2023
Incentives:
Free valuation fees
free legal fees

Initial Monthly Repayment:
£606.27 x 28
Ongoing Monthly Payments:
£807.87 x 272
Total Amount Payable:
£237,711.20
Total Interest Payable:
£86,716.20
Valuation Fee:
Free
Exit Admin Fee:
£0
Early Repayment Charge:
Yes
Early Repayment Charge Details:
to 30/9/23: 2/1% Sum Repaid

NatWest 2 Year Fixed

Buy-To-Let

Initial Rate
1.60% Fixed to 31/08/2023
APRC
3.70%
Product Fee
£995
Monthly Repayment
£606.98

0800 158 2907

+ More Info

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 31/08/2023
Incentives:
Free valuation fees
free legal fees
free valuation admin fees

Initial Monthly Repayment:
£606.98 x 27
Ongoing Monthly Payments:
£782.04 x 273
Total Amount Payable:
£230,880.38
Total Interest Payable:
£79,885.38
Valuation Fee:
Free
Exit Admin Fee:
£0
Early Repayment Charge:
Yes
Early Repayment Charge Details:
to 31/8/23: 1.5/0.75% Sum Repaid

NatWest 2 Year Fixed

Buy-To-Let

Initial Rate
1.60% Fixed to 31/08/2023
APRC
3.70%
Product Fee
£995
Monthly Repayment
£606.98

0800 158 2907

+ More Info

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 31/08/2023
Incentives:

Initial Monthly Repayment:
£606.98 x 27
Ongoing Monthly Payments:
£782.04 x 273
Total Amount Payable:
£231,928.38
Total Interest Payable:
£79,885.38
Valuation Fee:
£248
Exit Admin Fee:
£0
Early Repayment Charge:
Yes
Early Repayment Charge Details:
to 31/8/23: 1.5/0.75% Sum Repaid

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Royal Bank of Scotland 2 Year Fixed

Buy-To-Let

Initial Rate
1.60% Fixed to 31/08/2023
APRC
3.30%
Product Fee
£995
Monthly Repayment
£606.98

0800 096 7446

+ More Info

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 31/08/2023
Incentives:
Free valuation fees
free legal fees
free valuation admin fees

Initial Monthly Repayment:
£606.98 x 27
Ongoing Monthly Payments:
£744.82 x 273
Total Amount Payable:
£220,719.32
Total Interest Payable:
£69,724.32
Valuation Fee:
Free
Exit Admin Fee:
£0
Early Repayment Charge:
Yes
Early Repayment Charge Details:
to 31/8/23: 1.5/0.75% Sum Repaid

Royal Bank of Scotland 2 Year Fixed

Buy-To-Let

Initial Rate
1.60% Fixed to 31/08/2023
APRC
3.30%
Product Fee
£995
Monthly Repayment
£606.98

0800 096 7446

+ More Info

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 31/08/2023
Incentives:

Initial Monthly Repayment:
£606.98 x 27
Ongoing Monthly Payments:
£744.82 x 273
Total Amount Payable:
£221,767.32
Total Interest Payable:
£69,724.32
Valuation Fee:
£248
Exit Admin Fee:
£0
Early Repayment Charge:
Yes
Early Repayment Charge Details:
to 31/8/23: 1.5/0.75% Sum Repaid

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Lloyds Bank 2 Year Fixed

Buy-To-Let

Initial Rate
1.61% Fixed to 31/08/2023
APRC
4.30%
Product Fee
£1,495
Monthly Repayment
£607.69

Continue on Fluent Mortgages' website + More Info

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:
1.61% Fixed to 31/08/2023
Incentives:
Free valuation fees
free legal fees

Initial Monthly Repayment:
£607.69 x 27
Ongoing Monthly Payments:
£808.77 x 273
Total Amount Payable:
£238,696.84
Total Interest Payable:
£87,201.84
Valuation Fee:
Free
Exit Admin Fee:
£0
Early Repayment Charge:
Yes
Early Repayment Charge Details:
to 31/8/23: 2/1% Sum Repaid

Lloyds Bank 2 Year Fixed

Buy-To-Let
Cashback Available

Initial Rate
1.61% Fixed to 31/08/2023
APRC
4.30%
Product Fee
£1,495
Monthly Repayment
£607.69

Continue on Fluent Mortgages' website + More Info

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:
1.61% Fixed to 31/08/2023
Incentives:
Free valuation fees
free legal fees
£200 cashback

Initial Monthly Repayment:
£607.69 x 27
Ongoing Monthly Payments:
£808.77 x 273
Total Amount Payable:
£238,496.84
Total Interest Payable:
£87,201.84
Valuation Fee:
Free
Exit Admin Fee:
£0
Early Repayment Charge:
Yes
Early Repayment Charge Details:
to 31/8/23: 2/1% Sum Repaid

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Skipton BS 2 Year Fixed

Buy-To-Let

Initial Rate
1.61% Fixed to 31/07/2023
APRC
4.50%
Product Fee
£995
Monthly Repayment
£607.69

Continue on Fluent Mortgages' website + More Info

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:
1.61% Fixed to 31/07/2023
Incentives:
Free valuation fees
free legal fees Remortgages

Initial Monthly Repayment:
£607.69 x 26
Ongoing Monthly Payments:
£840.68 x 274
Total Amount Payable:
£247,262.26
Total Interest Payable:
£96,146.26
Valuation Fee:
£26
Exit Admin Fee:
£95
Early Repayment Charge:
Yes
Early Repayment Charge Details:
to 31/7/23: 2/1% Outstanding Balance

HSBC 2 Year Variable

Buy-To-Let

Initial Rate
1.64% Variable for 2 years
APRC
4.30%
Product Fee
£1,999
Monthly Repayment
£609.82

0808 291 2452

+ More Info

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

Leeds BS 2 Year Fixed

Buy-To-Let

Initial Rate
1.64% Fixed to 31/07/2023
APRC
4.80%
Product Fee
£1,999
Monthly Repayment
£609.82

Continue on Fluent Mortgages' website + More Info

Lender:
Leeds BS
Max First Time Buyer LTV:
0%
Max House Purchase LTV:
70%
Max Remortgage LTV:
70%
Min Loan:
£0
Max Loan:
Varies
Product Description:
1.64% Fixed to 31/07/2023
Incentives:
Free valuation fees (Max £999)
free valuation admin fees
help towards costs Remortgages

Initial Monthly Repayment:
£609.82 x 26
Ongoing Monthly Payments:
£821.36 x 36
Total Amount Payable:
£260,392.06
Total Interest Payable:
£107,794.06
Valuation Fee:
Free
Exit Admin Fee:
£199
Early Repayment Charge:
Yes
Early Repayment Charge Details:
to 31/7/23: 3/2% Sum Repaid

Representative example

A mortgage of £150,000 payable over 25 years initially on a fixed rate for 26 months at 1.64%, reverting to 4.59% variable for 36 months and 5.59% variable for remaining term. 26 monthly payments of £609.82, 36 monthly payments of £821.36, and 238 monthly payments of £892.31. The total amount payable would be £260,042.06 made up of the loan amount, interest £107,794.06 and a product fee £1,999 and valuation fee £0. The overall cost for comparison is 4.80% APRC representative.

Leeds BS 2 Year Fixed

Buy-To-Let

Initial Rate
1.64% Fixed to 31/07/2023
APRC
4.80%
Product Fee
£999
Monthly Repayment
£609.82

Continue on Fluent Mortgages' website + More Info

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:
1.64% Fixed to 31/07/2023
Incentives:
Free valuation fees (Max £999)
free valuation admin fees
help towards costs Remortgages

Initial Monthly Repayment:
£609.82 x 26
Ongoing Monthly Payments:
£821.36 x 36
Total Amount Payable:
£259,392.06
Total Interest Payable:
£107,794.06
Valuation Fee:
Free
Exit Admin Fee:
£199
Early Repayment Charge:
Yes
Early Repayment Charge Details:
to 31/7/23: 3/2% Sum Repaid

Representative example

A mortgage of £150,000 payable over 25 years initially on a fixed rate for 26 months at 1.64%, reverting to 4.59% variable for 36 months and 5.59% variable for remaining term. 26 monthly payments of £609.82, 36 monthly payments of £821.36, and 238 monthly payments of £892.31. The total amount payable would be £259,042.06 made up of the loan amount, interest £107,794.06 and a product fee £999 and valuation fee £0. The overall cost for comparison is 4.80% APRC representative.

Principality BS 2 Year Fixed

Buy-To-Let

Initial Rate
1.64% Fixed to 30/09/2023
APRC
4.20%
Product Fee
£895
Monthly Repayment
£609.82

Continue on Fluent Mortgages' website + More Info

Lender:
Principality BS
Max First Time Buyer LTV:
0%
Max House Purchase LTV:
60%
Max Remortgage LTV:
60%
Min Loan:
£25,000
Max Loan:
Varies
Product Description:
1.64% Fixed to 30/09/2023
Incentives:
Free valuation fees
free valuation admin fees

Initial Monthly Repayment:
£609.82 x 28
Ongoing Monthly Payments:
£805.22 x 272
Total Amount Payable:
£237,454.80
Total Interest Payable:
£86,094.80
Valuation Fee:
Free
Exit Admin Fee:
£65
Early Repayment Charge:
Yes
Early Repayment Charge Details:
to 30/9/23: 2/1.5% Sum Repaid

Coventry BS 2 Year Fixed

Buy-To-Let

Initial Rate
1.69% Fixed to 31/07/2023
APRC
4.20%
Product Fee
£1,999
Monthly Repayment
£613.39

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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:
1.69% Fixed to 31/07/2023
Incentives:
Free valuation fees (Max £700)
free legal fees Remortgages

Initial Monthly Repayment:
£613.39 x 26
Ongoing Monthly Payments:
£813.98 x 274
Total Amount Payable:
£240,977.66
Total Interest Payable:
£88,978.66
Valuation Fee:
Free
Exit Admin Fee:
£0
Early Repayment Charge:
Yes
Early Repayment Charge Details:
to 31/7/23: 2/1% Sum Repaid

Hinckley & Rugby BS 2 Year Discounted Variable

Buy-To-Let

Initial Rate
1.69% Discounted Variable for 2 years (4.20% disc)
APRC
5.10%
Product Fee
£1,249
Monthly Repayment
£613.39

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Lender:
Hinckley & Rugby BS
Max First Time Buyer LTV:
0%
Max House Purchase LTV:
60%
Max Remortgage LTV:
60%
Min Loan:
£100,000
Max Loan:
Varies
Product Description:
1.69% Discounted Variable for 2 years (4.20% disc)
Incentives:

Ongoing Monthly Payments:
£613.39 x 24
Total Amount Payable:
£273,090.32
Total Interest Payable:
£120,976.32
Valuation Fee:
£315
Exit Admin Fee:
£150
Early Repayment Charge:
No

HSBC 2 Year Fixed

Buy-To-Let

Initial Rate
1.69% Fixed to 31/08/2023
APRC
4.40%
Product Fee
£1,999
Monthly Repayment
£613.39

0808 291 2452

+ More Info

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 31/08/2023
Incentives:
Free valuation fees

Initial Monthly Repayment:
£613.39 x 27
Ongoing Monthly Payments:
£821.76 x 273
Total Amount Payable:
£243,396.01
Total Interest Payable:
£90,902.01
Valuation Fee:
Free
Exit Admin Fee:
£95
Early Repayment Charge:
Yes
Early Repayment Charge Details:
to 31/8/23: 2/1% Outstanding Balance

Principality BS 2 Year Fixed

Buy-To-Let

Initial Rate
1.70% Fixed to 30/09/2023
APRC
4.20%
Product Fee
£895
Monthly Repayment
£614.10

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Lender:
Principality BS
Max First Time Buyer LTV:
0%
Max House Purchase LTV:
70%
Max Remortgage LTV:
70%
Min Loan:
£25,000
Max Loan:
Varies
Product Description:
1.70% Fixed to 30/09/2023
Incentives:
Free valuation fees
free valuation admin fees

Initial Monthly Repayment:
£614.10 x 28
Ongoing Monthly Payments:
£805.71 x 272
Total Amount Payable:
£237,707.92
Total Interest Payable:
£86,347.92
Valuation Fee:
Free
Exit Admin Fee:
£65
Early Repayment Charge:
Yes
Early Repayment Charge Details:
to 30/9/23: 2/1.5% Sum Repaid

Virgin Money 3 Year Fixed

Buy-To-Let
Cashback Available

Initial Rate
1.71% Fixed to 01/08/2024
APRC
4.20%
Product Fee
£1,995
Monthly Repayment
£614.82

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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 01/08/2024
Incentives:
Free valuation fees Remortgages
£500 cashback House Purchase
£300 cashbackRemortgages or free legal feesRemortgages

Initial Monthly Repayment:
£614.82 x 38
Ongoing Monthly Payments:
£809.14 x 262
Total Amount Payable:
£236,902.84
Total Interest Payable:
£85,357.84
Valuation Fee:
Free
Exit Admin Fee:
£50
Early Repayment Charge:
Yes
Early Repayment Charge Details:
to 1/8/24: 2.5% Outstanding Balance

Virgin Money 2 Year Fixed

Buy-To-Let
Cashback Available

Initial Rate
1.71% Fixed to 01/08/2023
APRC
4.30%
Product Fee
£1,995
Monthly Repayment
£614.82

Continue on Fluent Mortgages' website + More Info

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 01/08/2023
Incentives:
Free valuation fees Remortgages
£500 cashback House Purchase
£300 cashbackRemortgages or free legal feesRemortgages

Initial Monthly Repayment:
£614.82 x 26
Ongoing Monthly Payments:
£818.01 x 274
Total Amount Payable:
£241,665.06
Total Interest Payable:
£90,120.06
Valuation Fee:
Free
Exit Admin Fee:
£50
Early Repayment Charge:
Yes
Early Repayment Charge Details:
to 1/8/23: 1.5% Outstanding Balance

Leek United BS 2 Year Fixed

Buy-To-Let
Cashback Available

Initial Rate
1.75% Fixed to 31/07/2023
APRC
4.80%
Product Fee
£1,495
Monthly Repayment
£617.68

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Lender:
Leek United BS
Max First Time Buyer LTV:
65%
Max House Purchase LTV:
65%
Max Remortgage LTV:
65%
Min Loan:
£25,000
Max Loan:
Varies
Product Description:
1.75% Fixed to 31/07/2023
Incentives:
Free valuation fees
£400 cashback On Completion

Initial Monthly Repayment:
£617.68 x 26
Ongoing Monthly Payments:
£869.61 x 274
Total Amount Payable:
£255,912.82
Total Interest Payable:
£104,332.82
Valuation Fee:
Free
Exit Admin Fee:
£85
Early Repayment Charge:
Yes
Early Repayment Charge Details:
to 31/7/23: 2/1% Outstanding Balance

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Last updated on 09 November 2020.

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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