Buy to let mortgages for first time landlords

The process of applying for a buy to let mortgage can be similar to applying for any home loan, even if you are a first time landlord. Lenders will first and foremost want to assess your eligibility based on the amount you can afford to borrow and repay. Although there may be some fluctuation in the interest rates you pay, there should be a range of mortgage products on the market for you to consider. You can compare buy to let mortgages and read more about the mortgage process of applying here.

Each lender will have different criteria they use to assess whether you are suitable for a loan as a landlord. They will take into account any other properties you may own or financial commitments you currently have. In addition, this check list offers a general guide to a bank’s requirements:


The loan-to-value (LTV), which is the ratio of deposit and the amount you need to borrow, may differ depending on your own personal circumstances. Almost every lender will require you to put down some cash as a deposit on your property. You will need to tell a mortgage lender, or your broker, how much you can afford to pay upfront and this will be one of the factors that will determine how much you can borrow.

Rental income

As a landlord, mortgage lenders will be interested in how viable your property will be when it comes to finding tenants. Rental income is often the main method of repayment with a buy to let mortgage. That means you should ensure you are purchasing a property in an area with a stable rental market.

Cost counting

Every rental property comes with costs. Initially, those include expenses such as solicitor’s fees, surveyors and estate agents. Then once you have purchased the property, there are regular expenses associated with being a landlord. These include insurance, management fees (if applicable), grounds rent and the upkeep of the property. A mortgage lender will assess the estimated income along with your costs and outgoings in detail before providing you with a mortgage offer.

To speak to one of our expert mortgage brokers, call Private Wealth Mortgages on 01403 270006. We will review your current financial situation and get to know your own personal goals before giving you all the options you need to compare buy to let mortgages.


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