Your home may be repossessed if you do not keep up repayments on your mortgage.
A Buy to Let mortgage is a type of mortgage that a landlord would get on a residential property that they intend to rent out. It could be a house or flat that someone would live in, or even a short term holiday let such as an Airbnb.
This means that you could be renting your property out to students, as social housing, or to tourists – you’d still need a Buy to Let mortgage.
It’s usually classed as a commercial loan as any money that you’d make from the property (i.e. rent) would be classed as business income. These mortgages aren’t regulated by the Financial Conduct Authority (FCA).
The exception? If you’re an accidental landlord looking to rent out your personal property (that you may have inherited or no longer need due to personal circumstances), you could qualify for a fully regulated Consumer Buy to Let mortgage instead.
Do you want to understand the potential cost of your mortgage or loan?
We can give you an idea of the monthly costs with just a few details like the property value, your deposit amount and how long you need the loan to last.
Find out here
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.
If you’ve got at least a 25% deposit and we can check that you can afford the mortgage repayments, either in full using your rental income or subsidised using personal income, we can probably lend to you.
Our flexible Buy to Let criteria means we can take into account complex income and a wide range of property types, including non-standard builds, ex-council properties and flats above commercial premises.
We can help you whether it’s your first or fiftieth rental property (and even if you’ve never owned a property before) and will assess each case on its own merits.
We can also help if:
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.
Typically, we offer Buy to Let mortgages of anywhere from £30,000 to £2.5m. We can sometimes provide more depending on the situation, so just ask us and we’ll see if we can help.
If you want to borrow a large amount (i.e. over £1 million), we may or may not ask for you to contribute a larger deposit or more equity.
When you get a Buy to Let mortgage from Together, you’ll need to pay a Lenders Arrangement Fee (LAF), which you may also know as a product fee.
If you’re worried about your monthly repayments or struggling to meet affordability, you can choose to pay a higher LAF. This will reduce the mortgage amount due each month (but please note that it could result in you paying back more overall).
Some of our Buy to Let mortgages also include an Early Repayment Charge (ERC), 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. This covers the 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.
We’ll need a copy of the tenancy agreement (if the property is already being rented out) or a rental assessment (if it’s not being rented out yet). Projected rental income can also be used. If the application is not self-funded, then income proof is required.
We don't have any minimum income requirements, and if your rental income sufficiently exceeds your monthly payments, we won't insist on a full affordability assessment. If you've not yet bought the property, or the property is currently vacant, we can use an assessment of the potential rental income from an estate agent, 90% of this rental assessment can be used for the affordability assessment.
If we do need to conduct a full affordability assessment, we'll consider all of your income – including rent from other properties you own, pension income, and wages from your day job (if you have one).
Yes, we can support customers buying properties at auction. We can provide long term Buy to Let mortgages, and short term bridging finance – ideal for landlords looking to pick up a property for renovation.
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. At Together, we welcome all landlords, regardless of how many Buy to Let mortgages and properties you own. So, whether it's your first or fiftieth investment, our dedicated team is on hand to help.
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. It’s secured against all of their properties at the same time and is something we also offer at Together.
Yes - at Together, we can help you with additional borrowing on your Buy to Let properties. We know that you may need extra funding for renovations or improvements, or you may want to access some of the money you’ve got built up in your other properties to fund a new rental purchase.
If we see that you can afford the borrowing, we’ll help you achieve your property ambitions.
Yes, we accept Buy to Let mortgage applications from first time buyers at Together. And, we won’t treat you any different than any other landlord – no additional limits or higher rates.
This includes first time landlords, property investors and people that haven’t owned their own home (or any other property) before. If you can prove that you can make the repayments, we’ll try to help you get started on your landlord journey.
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 to let, and some will insist you switch to a specific Buy to Let mortgage product. It often depends on the circumstances.
If they're insisting that you switch, remember you have the option to shop around. Make sure you check if there are any Early Repayment Charges (ERC) associated with switching to another lender.
At Together, we may be able to provide Consent to Let. We also offer Consumer Buy to Let (CBTL) mortgages for accidental landlords as well – designed for homeowners who never envisioned becoming landlords but need to let out a personal property due to scenarios such as inheritance, relocation or a relationship change.
All lending decisions are based on lending criteria and, where applicable, subject to credit check and an assessment of individual circumstances.
All mortgages are subject to our terms and conditions.
Loans offered by Together Commercial Finance Limited are not regulated by the Financial Conduct Authority.
