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Buy-to-Let mortgage rates as of November, 2023.
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Buy to let mortgages are like normal residential mortgages but are designed for those looking to rent out their property to tenants, rather than live in the property themselves.
This could be a commercial landlord looking to generate income by charging rent or make a profit upon the sale of the property. Or, it could be used by homeowners who are in the middle of moving house and are renting out their property for a certain period.
If you have a stable income and a deposit of around 25%, you will be in a great position to get a BTL mortgage.
Lending Expert is a buy to let mortgage broker and can compare over 1,000 mortgage deals across the UK. Whilst high street banks will typically offer buy to let mortgages too, we can help find the best option for you with rates from 1.39% per month, whether you are looking for interest only, fixed, variable, tracker or have a bad credit history.
Start by clicking on ‘Check my Eligibility’ below and enter some basic details about you and your property – and Lending Expert will be able to help you find the best buy to let mortgage according to your requirements.
Buy to let mortgages are used to finance the buying of property for investment purposes such as buying a property with the sole intention of renting it out. Buy to let mortgages became very popular towards the end of the 90’s and some commentators say that they had a huge impact on fuelling the housing boom before the crash of 2008.
Most products are interest-only – so you pay the interest each month, but not the capital amount and at the end of the mortgage term, you repay the original loan in full.
We proudly offer to let mortgages across the entire UK, Scotland and Wales including Birmingham, Brighton, Bristol, Cardiff, Edinburgh, Glasgow, Leeds, Liverpool, London, Manchester, Nottingham, Newcastle, Sheffield and more.
The amount you can borrow through a buy to let mortgage is typically up to £2 million, and this figure is based on what you will likely be charging as rent, with the expected rent you charge to be at least 125% of the mortgage payment, or sometimes as high as 145% depending on the lender.
This 25% to 45% margin is essentially your profit for renting out the property to tenants. For example, if the property you are buying will cost you £10,000 a year in mortgage interest, the lender will need to see that you’re expecting to generate at least £12,500 in rent each year.
The typical deposit required for a buy to let mortgage is 25% of the property value, with some lenders requiring around 40% to 45%. Larger deposits will usually result in paying lower rates overall, since you have paid off and own more of the property. Putting down a higher deposit may also be a requirement for those individuals with limited financial records or weaker credit ratings.
Buy to let mortgages generally charge higher interest rates when compared to the standard residential mortgage. The acceptance criteria for a buy to let mortgage takes into consideration the achievable rent value from the property as well as the income and credit worthiness of the mortgage applicant. This means that some lenders will require the applicant to have a minimum income and that the property can achieve a minimum rent value. The minimum rental value is expressed as a percentage of the interest only payment element.
Prospective landlords should take into consideration the costs of purchasing a property and any running costs including:
Renting out a property to tenants needs to be commercially viable and generate a profit, so taking all other costs and considerations into account is very important to ensure that you make your purchase a success and avoid losses.
Your buy to let mortgage is secured against the property – so if you fall behind on repayment, you will incur late penalties, damage to your credit score and your property investment may be at risk of repossession from the bank or lender. With this in mind, you want to be certain that the property you are looking to buy has potential and good value for potential tenants looking to rent.
Working with a number of high street banks and specialist mortgage lenders, Lending Expert has access to over 1,000 mortgage deals available and is in the perfect position to help you get approved and get the best rates.
Our eligibility checker is completely free to use and can provide an indicative quote, with no obligation.
Founded in 2013, we have years of experience working in the secured loan and mortgage market and have helped thousands of customers to date. Our values have always been to find the right product for the right individual at the competitive rate – and we are pleased to offer our services for you today!
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