Buy to let – how do I get a mortgage?

For a buy to let deal most lenders will ask for a minimum 25% deposit and will require rental income to be 125% of any monthly mortgage payments. In addition the majority of lenders will require you to own a residential property, if you don’t you might find your application is declined.

In light of this it is important when looking at investment property you consider carefully what your rental income will be.

If you chose a property where the rent will not cover 125% of your payments then it is unlikely you will be made an offer.

The buy to let market has grown significantly over the last 2 years with many more mortgage products on offer. Mortgage rates are highly competitive and rental yields in many areas are good, which is tempting many to invest in property.

If you are first time landlord, before you take the plunge and buy a property you should speak to an independent financial adviser to work out if its the right investment for your needs. Once you have worked out it’s the right decision for you, Deal Direct can help you source a competitive buy to let mortgage.

Rates are currently low but fees may be high which is why we make a ‘like for like’ comparison of all available mortgages at your deposit level. That way you end up with the most affordable mortgage for your investment needs.

Whether you already have a deposit, or are looking to remortgage an existing property to fund the purchase of a buy to let, call one of our advisers for mortgage advice.

Deal Direct is regulated by the FCA and our fully qualified mortgage advisers are here find you a competitive deal.

• At Deal Direct we can advise on all aspects related to mortgages, however we are not financial advisers and therefore cannot advise as to the suitability of property as investment. For that advice you need to call an IFA.
• Not all BTL mortgages are regulated by the FCA.

If you would like to discuss your buy to let mortgage options call us on 0800 048 8828.