Buy to let
1. What is a buy to let mortgage?
A buy to let mortgage is designed for properties that are purchased with the intention of renting them out rather than living in them yourself. The mortgage is based on the rental income of the property not your income.
2. Can I get a buy to let mortgage if I don’t own my own home?
Yes, it is possible. Some lenders are happy to consider first-time landlords without being a homeowner. You may need to demonstrate sufficient income, deposit and affordability, and some lenders may have additional requirements for applicants with no previous landlord experience.
3. How much deposit do I need for a buy to let mortgage?
Standard deposit is 25% of the purchase price but this depends heavily on the income the property will be generating to be able to afford the mortgage requested.
4. Can I get a buy to let mortgage if I have adverse credit?
Depending on what your credit history shows, you might still be able to get a buy to let mortgage but rates might be higher.
5. Do I need to earn a certain salary to get a buy to let mortgage?
Not necessarily. Some buy to let lenders have no minimum personal income requirements but interest rate might be slightly higher.
6. Can a family member live in a property bought with a buy to let mortgage?
No. A buy to let mortgage is designed for an investment property that will be rented to tenants not family members and you will be breaking the terms and conditions of your mortgage if you allow that to happen. There are special mortgages that will allow this.
7. Interest-only or repayment — which is better for buy-to-let?
Most landlords choose interest-only, keeping monthly costs lower and repaying the capital when the property is eventually sold or refinanced. Some landlords prefer a repayment or part-and-part structure to build equity over time and reduce long-term interest costs. The right choice depends on your investment strategy, cash flow needs, and exit plan — it’s worth discussing before committing to one approach.
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