Mortgages for accidental landlords

Inherited a property? Moving in with a partner? Relocating at short notice?

Renting out your property could prove lucrative. So we understand why it's such an appealing option.

And if that means you need to remortgage before renting it out – perhaps because your existing mortgage provider doesn't do buy-to-let mortgages, or because you need to complete renovations – let's talk.

Created with real lives in mind

Anyone can be a landlord these days. So whether you're thinking to rent out your property to provide a second income, or to boost your pension pot further down the line, we may be able to help.

Our common-sense approach means we can also consider applications that some other lenders sometimes struggle with.

Such as if:

• You already have a mortgage on the property.
• It’s an ex-council property, and/or made of non-standard materials (e.g. concrete).
• It’s a flat in a tower of six or more storeys.
• You’re self-employed, work several jobs, or have already retired.
• You’ve got less-than-perfect credit.

And, provided the property's rental income sufficiently covers the monthly payments*, your application won't be subject to any further affordability assessments or maximum age restrictions. We can explain this in more detail over the phone.

Checking you qualify

This product is designed for ‘accidental landlords’.

If any of the following apply, another of our products may be more appropriate:

• You're currently in the process of buying the property, or bought it to rent out.
• You already own another rental property.
• You, your spouse/partner, children, parents or grandparents are going to be living there.
• The property is owned by a limited company.
• You're using the money to purchase an investment property or invest in your business.

Overall cost for comparison

For example: A mortgage of £70,000 payable over 13 years on our variable rate for the loan term of 13 years at our current rate of 7.49% (variable) would require 156 monthly payments of £756.13 plus a redemption administration fee of £150.00.

The total amount payable would be £118,105.88 made up of the loan amount plus interest on the loan (£39,726.40), processing fee (£3,500.00) and arrangement fee (£1,750.00) plus interest on these fees (£2,979.48) and the redemption administration fee (£150.00).

The overall cost for comparison is 9.2% APRC representative.

The actual rate available will depend upon your circumstances. Ask us for a personalised illustration.