What is a buy-to-let mortgage?
A buy-to-let mortgage is a mortgage on a residential property that you intend to rent out. They work much like a mortgage on your own home.
You can get a buy-to-let mortgage on a property you're buying, or a property you already own and want to turn into a rental (like a property you've inherited).
If you're purchasing a commercial unit, office or other business premises as an investment and intend to rent it out, see our range of Commercial mortgages.
Am I eligible for a Together Buy to Let mortgage?
There are several criteria we'll check. You need to be at least 18 years of age, and you need to have paid off your mortgage by the time you turn 80.
We don't have any minimum income requirements, and if your rental income sufficiently exceeds your monthly payments we won't insist on an affordability assessment. If you've not yet bought the property, we can use an assessment of the potential rental income from an estate agent.
If we do need to conduct an affordability assessment, we'll take into account all of your income – including rent from other properties you own, and wages from your day job.
We're happy to lend to first-time landlords, limited companies, property professionals, expats and others.
How much deposit do I need for a Together Buy To Let mortgage?
We have several Buy to Let mortgage products, and the minimum deposit (or equity, if you're remortgaging) we insist on varies based on the property and your circumstances. In any case, you'll need to put in at least 25% of the property's value.
However, if you also own other properties, we may be able to lend you 100% of the value of your new purchase.
Can I change my mortgage to a Buy to Let mortgage?
If you've already got a mortgage on your home and want to rent it out, you may not need to do anything. Speak to your existing mortgage provider to find out; some lenders will give their consent, and some will insist you switch to a specific buy-to-let mortgage product. It often depends on the circumstances.
If they're insisting you switch, remember you have the option to shop around. Make sure you check if there are any Early Repayment Charges associated with switching to another lender.
Why choose a Together Buy to Let mortgage?
We have over four decades of lending experience, and have helped thousands of landlords to access the finance they need. Over the years, we've honed our common-sense approach; one which enables us to be more flexible and pragmatic when reviewing your application.
We recognise that many of the most lucrative rental properties are those which some lenders may describe as 'difficult to mortgage', because of their position, condition, or current use. It's why we use people, not computers, to make the final lending decision. And means we can often lend when others can't.
How do you decide my interest rate?
The rate you're offered may be influenced by several factors, including:
- The type of rental property you have (e.g. long-term rental, or short-term holiday let).
- Whether you choose a variable or fixed-rate mortgage.
- The value of the property you're using to secure the mortgage.
- How much you need to borrow (both in total, and as a percentage of your property's value).
- Whether you choose an interest-only or capital repayment mortgage.
- Your credit history (but not your credit score).
What fees will I have to pay?
We charge an Arrangement Fee, and some of our Buy to Let mortgages include an Early Repayment Charge or Exit Fee, which you'll pay if you elect to remortgage with another lender or repay your loan in full before the term ends.
We also charge a Redemption Administration Fee when you 'redeem' (i.e. full repay) your mortgage, to cover costs associated with closing your account and dispensing our legal claim to your property.
All of these fees can vary, so we'll ensure that the fees that apply to your particular mortgage are clearly explained before you sign on the dotted line.
Other fees and charges may be applied to your account during the life of your mortgage, in relation to the management of your account (for instance, if you fall behind on your monthly payments). These are all explained in our Tariff of Charges.
How do I apply for a Together Buy to Let mortgage?
You can apply directly, or go through a mortgage adviser. If you come direct, we'll work with you and your solicitor to do everything by phone and post. Call 0330 127 2315 or request a call back.