Purchase
If you want to buy a property to let out, you need a special buy to let mortgage. As
with a residential mortgage you can choose between fixed, tracker and variable rates, but when it comes to assessing how much you can borrow, the key factor is not how much you earn, but the likely rental income.
As a general rule lenders will not let you borrow more than 75% of the property value,
and typically the rental income will need to be around 120% of the mortgage payment. For example, if your mortgage will cost you £500 per month, your expected rental income will need to be a minimum of £600 per month.
Re-Mortgage
If you already own a buy to let property with more than 25% equity, then we have access to a wide range of lenders where we can help you find the lowest rate re mortgage product suitable for your circumstances, whether you are just looking at a straight forward re-mortgage with a lower interest rate or looking to raise extra capital to use as a deposit on your next investment property.
The Financial Services Authority does not currently regulate Commercial Lending or Buy to let Mortgages.