Residential buy to let mortgages.
- For first-time & portfolio landlords
- No minimum income requirements
- On a huge range of property types
What makes us different
TrustedWith nearly 50 years of lending experience under our belts, you can trust us to get things right for you.
Open-mindedUnlike many, we lend on properties like ex-council properties, high-rise flats and those made of non-standard materials.
Common senseYou're more than a credit score. If the sums show that you can afford the property, we do our best to make it happen.
SmartReceive updates on your application, upload files & e-sign most documents to open your Together account - all using our secure app.
£2.5mBorrow up to £2.5m
8.45%Rates from 8.45%/annum
75%Borrow up to 75%* of the property's value
Consolidating unsecured debts with secured lending may increase the amount repaid overall.
Property has long been viewed as a solid investment
With house prices outstripping wage growth, 20% of all households in England now rent in the private sector – double the proportion recorded in the 1990s. This means there’s a lot more landlords than there used to be. If you’re hoping to join their ranks – whether to top up your pension, or give up your day job – our Buy to Let mortgages are made to match.
Sometimes the best buy-to-let properties are those that are a little unusual in their position, condition, or construction. We'll consider residential properties of all kinds.
We won't specify that you need a certain amount of experience as a landlord before we’ll consider you, or restrict the size or value of your portfolio. We welcome applications for everyone from private individuals and sole traders, to partnerships, limited companies and others.
If your rental income sufficiently covers your mortgage payments, we won't conduct any further affordability assessments. But if we have to, we'll take all of your income into account – including rent from other properties, or wages from your day job.
We can often lend when others won’t. We can consider your application, even if:
- It’s an ex-council property, and/or made of non-standard materials (e.g. concrete).
- It’s a flat in a high-rise block.
- You’re a first-time landlord.
- You’re clubbing in with friends to buy.
- You’re self-employed, work several jobs, or have already retired.
- You’ve got less-than-perfect credit.
Common questions about Specialist buy to let properties
What is a Buy to Let mortgage? What does Buy to Let mean?
A buy-to-let mortgage is a mortgage on a residential property that you intend to rent out.
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).
In most cases, your buy-to-let mortgage will be considered a type of commercial loan. Having said that, a small number will be considered personal finance and will therefore be regulated by the Financial Conduct Authority.
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.
How do buy-to-let mortgages work?
Buy-to-let mortgages work much like any other mortgage. You put down a deposit, and borrow the balance of the price of the property as a mortgage.
There are usually two types: interest-only, and capital repayment.
With an interest-only mortgage, your monthly payments are smaller because they only cover the interest you’re incurring each month – and the balance you borrowed initially must be repaid as a lump sum, when the term of your mortgage ends.
With a capital repayment mortgage, your monthly payments are larger and cover both the interest and what you initially borrowed – so when the term ends, you own the property outright.
In addition, you can choose between a fixed-rate and a variable-rate mortgage. If you choose a fixed-rate, your repayments are locked-in for a set period at the start of your mortgage, while on a variable-rate mortgages the interest can be varied by the lender (after giving you a bit of notice).
Because of this, fixed-rate mortgages offer more peace of mind, but tend to have higher interest rates.
Am I eligible for a buy-to-let mortgage with Together?
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 up to 90% of projected rent, rent from other properties you own, pension income, and wages from your day job (if you have one).
We're happy to lend to first-time landlords, limited companies, property professionals, expats and others.
If you’re unsure if your circumstances mean you qualify, get in touch with us to discuss your eligibility.
How much deposit do I need for a buy-to-let mortgage with Together?
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. As an absolute minimum, you'll need to put in 25% of the property's value.
However, if you also own other properties and have sufficient equity, we may be able to use these as additional security to lend you 100% of the value of your new purchase.
How much can I borrow for a buy-to-let mortgage with Together?
We offer buy-to-let mortgages of anywhere from £50,000 to £2m – and sometimes more! If you want to borrow a large amount (i.e. over £500,000) we may or may not insist on you putting in a larger deposit or more equity.
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.
Can I move into my buy-to-let property?
If you own a buy-to-let property and need to move into it, speak to your mortgage provider about changing your buy-to-let mortgage to a residential mortgage.
If they won’t let you do this, it’s time to shop around – as you may be in breach of the terms of your buy-to-let mortgage if you move in without their knowledge.
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).
- 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).
- Your credit history (but not your credit score).
How many buy-to-let mortgages can you have?
There’s no strict limit, but some mortgage lenders will put a limit on how many mortgages (or how much you’ve borrowed overall) they’ll let you have. Here at Together, we have no such limits.
Some investors who own lots of rental properties may instead decide to have one very large mortgage that covers all of them, so they have a single monthly payment to meet.
This is known as a portfolio buy-to-let mortgage and is secured against all of their properties at the same time, and is something we also offer.
Can a first-time buyer have a buy-to-let mortgage?
Yes, we’ll consider applications from first-time buyers for a Together Buy to Let mortgage and treat them the same as anyone else. This includes both first-time property investors and people who’ve never owned their own home as well.
What fees will I have to pay on a Together Buy to Let mortgage?
We charge an Arrangement Fee, and some of our Buy to Let mortgages include an Early Repayment Charge, 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. fully 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.