Buy to let mortgages

Thinking about buying a property to rent out to tenants? Your best option might be a Buy to Let Mortgage, and Affinity can help source the perfect deal for you.

At Affinity we pride ourselves in being able to unravel the complexities associated with House Purchase and make the entire process as simple as possible.

It’s an exciting opportunity to be in a position to let out a property and gain an extra revenue source, but the process of getting a Buy to Let Mortgage differs from getting a mortgage for your own home. Generally, the amount you can borrow will depend on the rental income you expect from the property, though some lenders may consider other income in some circumstances.

Assuming you have (or have had) a residential mortgage, most lenders will lend to a First Time Landlord however, many lenders specify that your rental income needs to be 25% to 45% higher than your mortgage payment and some lenders may require you to have a minimum £25,000 income per year. Unlike residential mortgages, this is a different process in determining how much a lender will loan.
“I hadn’t bought a property to rent out before and didn’t know what to expect. Liz made it really simple. Everything was easy to understand and sorted for me. I would recommend Liz and Affinity without hesitation.”


MR F. WALKER, HAMILTON

Interest Only vs. Capital Repayments

Depending on your personal goals for your investment property, you should decide if you would like to obtain an Interest Only or a Capital Repayments Mortgage.

Looking for a regular income? An Interest Only Mortgage will suit you better. With this, your mortgage payments are lower, therefore you will be able to use the balance of the rent as an income before selling the property as an investment once the value of the property has increased.

If you're investing for retirement, a Capital Repayment Mortgage will work well for you, as by the time you finish up at work, you'll have full ownership of the property and can receive the entire monthly rent as income once you're retired.

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FAQs

Who can get a buy-to-let mortgage?

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In theory, anyone with a secure income could qualify for a buy-to-let mortgage. However, lenders have their own criteria and requirements that applicants must meet before they will consider an applications.

How do I plan for times when there’s no rent coming in?

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To protect yourself against void periods you must ensure that you have adequate savings, or surplus income to make the mortgage payment.

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