Step 1 - Email us to get a Decision in Principle.
Step 2 - Provide us with your supporting documents.
Step 3 - Get a response from our Mortgage Advisor who will provide you with advice and guide you through your application.
If you're looking to buy or remortgage a Buy to Let property, our Buy to Let mortgages could be the answer.
Whether you're starting or expanding your property portfolio, our Buy to Let mortgage range can help you get going.
Our Buy to Let mortgages are available up to 75% loan to value and a maximum Buy to Let lending limit applies. Other fees and charges may be payable including legal fees and charges levied by your existing lender.
We know that a buy to let investment can be a big commitment, that's why we have put together a factsheet which helps you to consider costs, responsibilities and the risks of becoming a landlord.
A Decision in Principle will give you a more accurate estimate of how much you could borrow and it will not appear on your credit file.
To apply for our Buy to Let mortgages, you'll need to meet our Borrower and Buy to Let mortgage eligibility criteria:
A Professional Landlord is a person(or persons in the case of the joint mortgage) with more than $2,000,000 in buy to Let borrowing across all lenders or where more than 50 per cent of their total gross annual income (joint income) is from rental income.
A Portfolio Landlord is a person( or persons in the case of a joint mortgage) with four or more buy to let mortgaged properties in total at the end of the application.
Our maximum borrowing limits take into account your total Buy to Let borrowing across all lenders and is subject to our maximum Buy to Let lending limits.
The affordability of a Buy to Let mortgage will be assessed from the property's rental income. The rent must be at least 145% of the mortgage payment, using an interest rate that takes into account the possibility of future interest rate rises. This way we can help to ensure the loan is affordable now and in the future. For example, if the monthly payment is $100 (100%), the monthly rental income must be at least $145 (145%).
To assess how much you can afford to borrow, a Rental Income affordability assessment is carried out.
Think carefully before securing other debts against your property.
Your property may be reposessed if you do not keep up repayments on your mortgages.