Buy to Let Mortgages Broker – Get The Best Rates in 2024

Start Your Buy To Let Mortgage Application Today with Lending Expert!

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. 

Key Features:

• Used for renting out property to tenants
• Borrow up to £2 million
• Loan Term – 1 to 25 years or upon request
• Minimum 25% deposit
• Interest only, fixed, tracker mortgages available
• Rent charged should be 125% to 145% of mortgage repayments
• Free tool to compare buy to let mortgages

What is a Buy to Let Mortgage?

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.

Speak to Lending Expert for:

• Interest-only buy to let mortgages
• Fixed-rate buy to let mortgages
• Tracker buy to let mortgages
• Discount variable buy to let mortgages

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. 

What Areas  of the UK Does Lending Expert Cover as a Buy To Let Mortgage Broker?

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.

How Much Can I Borrow from a Buy to Let Mortgage?

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.

Can I Get a Buy to Let Mortgage?

• Aged 25 to 85 years’ old
• Minimum income of £25,000 per year
• Minimum deposit 25% of overall property value
• Good credit status 
• Strong financial record (limited defaults, arrears)
• The property has potential value and can be rented out

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.  

What is The Difference Between a Buy to Let and a Normal Residential Mortgage?

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.

What To Consider Before Getting a Buy to Let Mortgage 

Prospective landlords should take into consideration the costs of purchasing a property and any running costs including:

• Any renovation work
• Legal fees, surveyor fees, tenancy agreements
• Furnishings and appliances
• Buildings and content insurance
• The interest rate once the introductory mortgage offer ends
• Stamp duty

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.

What Happens if I Do Not Keep Up With Repayments?

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.

Why Use Lending Expert as Your Buy to Let Mortgage Broker?

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!