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Buy to let mortgage

Whether you’re an experienced landlord looking to expand your portfolio of properties, or you’re just starting out, a buy to let mortgage could provide you with the funds you need.

Find out what a buy to let mortgage is, how they work and how you can apply.

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What is a buy to let mortgage?

A buy to let mortgage is a type of property finance designed for either businesses or individuals who want to purchase residential property for the purpose of renting it out to tenants. Buy to let mortgages will have different terms and interest rates compared to residential mortgages. It’s important to remember that you won’t be able to get a buy to let mortgage if you plan to live in the property yourself as your main residence.

How does a buy to let mortgage work?

The process of getting a buy to let mortgage works in a similar way to a residential mortgage, however there are a couple of key differences, such as the deposit and documents required.

Here’s an outline of a buy to let mortgage works: 

  1. The borrower has a deposit of at least 25% of the property’s purchase price. 

  2. They secure a loan from a lender that will cover the rest of the cost of the property to purchase it. 

  3. The borrower purchases the property, which is then let out to tenants. 

The rental income generated from tenants is used to cover the mortgage repayments and any expenses associated with the property. Any additional income will be profit for the landlord. 

How to get a buy to let mortgage

  • See how much you could afford to borrow using the buy to let mortgage calculator 

  • Find a property within your budget, it’s important that you research details such as will the property be attractive to tenants? How much rental income does the property generate currently, or historically? 

  • Check your eligibility for a buy to let mortgage using your capitalise account 

  • Search for funding from our panel of lenders 

  • Speak with a funding specialist who will help put your application together and choose lenders most suited to your requirements 

  • Upload your documents and apply to up to 4 lenders in one application

  • You will need to instruct solicitors and get a survey on the property 

  • Once all the lenders requirements are met, you will have an exchange and completion date agreed. 

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