Buy to let

The Buy to Let market is expanding as demand grows so more mortgages are becoming available making it important to look hard for the best deals.

You will need a good deposit in excess of about 20% of the total property price.

Finding the right mortgage deal is only part of the process, getting the right property to start with is crucial too.

 

Need to know

  • As well as all of the standard property purchase costs, you’ll need to factor in landlord insurance and agency rental fees as well.
  • Remember, you don't have control over interest rates and if they suddenly increase, you will still have to cover your monthly costs. You may not be able to increase rent at short notice.
  • You should be aware that whilst there are Codes of Conduct that lenders must follow, most Buy To Let mortgages are not regulated by the Financial Services Authority.
 

Buy to let

Remember, there are risks with Buy-To-Let, so be honest about what you can afford and do not be over ambitious.

How much can I borrow?

Purchase price of property

 

Monthly rent

 

A conservative estimate of what you could borrow, based on the information you have provided the mortgage calculator is

£

Speak to London & Country

Call London and Country and they can say how much you could save on your mortgage

Request a callback:

Please enter your contact details to arrange a call back

Book call

Call London & Country:

 
 
 
 

Buy to let mortgage deals are based on how much rent you can expect to get from your property. Your expected rental amount needs to be checked by an independent person (maybe an estate agent) and must be enough to cover at least the monthly mortgage payment, plus 30%. Your annual returns should be about 7-8% of the mortgage value.

How much rent can I charge?

Purchase price of property

 

Amount of your deposit / equity (minimum 15% = £)

 

In order to borrow £ on a property worth £ you will need rental income of at least £ per month.

A lender will require you have a deposit of at least 15% on a buy to let mortgage, please increase your deposit to at least £

Speak to London & Country

Call London and Country and they can say how much you could save on your mortgage

Request a callback:

Please enter your contact details to arrange a call back

Book call

Call London & Country:

 
 
 
 
 

Fee-free mortgage broker

London and Country


Why we like it:

  • FEE-FREE advice on 0800 9530591
  • contactable 7 days a week
  • excellent iPhone App
  • amazing service

Watch out:

  • whilst they are still able to call themselves ‘whole of market’ brokers, some lenders no longer allow their deals to be accessed by brokers

Call London and Country for FEE-FREE advice on 0800 9530591 to see how much you could save on your mortgage.

YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Although L&C is authorised and regulated by the Financial Services Authority (FSA), the FSA does not regulate most Buy to Let mortgages

Go Direct

Remember, there are some mortgage providers who don't use or appear on comparison sites so make sure you check direct with a few to make sure that you are getting the very best rate outside of comparison providers

 

Local mortgage adviser

You could also try looking for an independent mortgage adviser in your area

Unbiased


Why we like it:

  • FREE to use website
  • many local advisors offer great personal service
  • some advisors come to your house

Watch out:

  • some advisers may charge a large fee

The inside track

  • Aside from finding a mortgage, you need to decide what sort of landlord you want to be.
  • If you are planning on managing the property yourself then you will have to deal with all maintenance and legal issues yourself so make sure that you have the time to do this as well as the money
  • When looking for tenants you need to decide whether to use an agent or rent the property out privately
  • Don't be afraid to negotiate with your agent. You are in a strong position as a chain-free buyer and potential landlord, and it doesn't hurt to ask for a better deal on things like fees, commission and rent collection services.

Sign up to our money-saving emails!

Signup

We value your privacy, see here.

 
 

Biggest Savers

PIGGY POST

Join 100,000s of SAVVY SAVERS who read our WEEKLY email. Get our round up of ALL the best money saving SECRETS, FREEBIES and BIGGEST SAVERS. Don't miss out!