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.
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.
