Category: Buy To Let

According to Statista, the majority of landlords surveyed in 2022 said that they intended to purchase UK property on a buy-to-let basis with the intention of renting it out for profit.

That’s many buy-to-let mortgages that will need to be approved in the upcoming years. How do applicants apply for and qualify for buy-to-let deals?

Most first-time buyers expect to merely prove their income and their expected rental earnings when applying for a buy-to-let mortgage, but that’s not always the case.

In some cases, you may need to pass a buy-to-let stress test. 

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Benefits of a Buy-to-Let in UK

There are several reasons why landlords apply for buy-to-let mortgages and wish to pass the associated stress test.

These include:

• A buy-to-let ensures you can secure stable monthly income through tenant rent. 
• The property you own will likely increase in value over the years and will be a worthy investment.
• You can get onto the property ladder and build a portfolio of properties if you succeed with your first property.
• You can write off some of your property costs against tax. This includes maintenance/wear and tear, mortgage interest and so on.

What is a Stress Test?

A stress test is also called a SICR (stress income cover ratio) and is a calculation carried out by a lender to ascertain if an applicant can afford the buy-to-let mortgage they’re applying for.

This compares the amount you’re requesting with the rental income you intend to charge. It also considers the interest that will be charged on the mortgage.

If you pass the buy-to-let mortgage stress test, you will most likely be approved for your mortgage application. 

Why Do Lenders Carry Out a Stress Test for Buy to Let Mortgage Applications?

Residential mortgages and buy-to-let mortgages are two very different products. As it turns out, buy-to-let mortgages pose more of a risk to the lender and so come with higher interest rates.

How much you can borrow with a buy-to-let mortgage will depend on how much rental you’re expected to earn on the property and what your current earnings are form your regular job.

The Prudential Regulatory Authority introduced stricter terms for buy-to-let borrowers in 2017 that now apply. These include:

• The rental amount you intend to charge on the property must be at least 125% or 140% of your mortgage instalment. The surplus income should be used for things like repairs and maintenance. 
• The SICR determines if you can pay interest rates between 5.5% and 6%, which ascertains affordability if rates fluctuate during the term of your mortgage.

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How Tax Affects Buy-to-Let Mortgage Applications in the UK

Income tax must be considered when an individual applies for a buy-to-let mortgage.

This is legally required according to the Prudential Regulatory Authority.

The SICR is determined according to your tax rate status. In most instances, UK mortgage providers apply a stress income cover ratio of around 125%.

This is because there’s less anticipated stress on your rental income in a lower tax bracket. 

Higher tax brackets can expect a higher SICR to apply, usually around 145%, with additional rate taxpayers expecting SICR percentages of around 167%.

Essentially, the test notes that if you’re paying more tax, you must collect a higher rental income to cover the costs. 

I’ve Failed the Stressed ICR Test – Now What?

If the mortgage provider decides that your property and application doesn’t pass the stressed IC test, it doesn’t automatically mean that your mortgage application will be rejected.

There are several specialist lenders that may be able to assist with covering ICR shortfalls. 

Top Slicing is one approach that may help. This is when a mortgage provider assesses all your forms of income and then notes that you could still afford the monthly instalments if your financial situation changes or there are fluctuations in charges.

UK mortgage providers who offer top slicing are rare but if you work with a professional mortgage broker or advisor, they often have good relationships with mortgage providers who may be able to assist. 

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Another way around the stressed ICR test is if your loan to value amount is low. Increasing your deposit amount will reduce your LTV amount, which lenders view favourably.

Most applicants put down a 20% to 25% deposit, but if you can put down a 35% deposit, this could push you into good favour with lenders. This essentially reduces the stress rate. 

In some instances, mortgage providers could view your entire property portfolio instead of individual properties.

For instance, if you have five properties in one portfolio and only one has a low rental income expected, some lenders may be willing to overlook this. 

What You Need to Know About Stressed ICR Tests

One thing to note is that credit score plays a major role in passing stress tests as it determines what interest rate you’ll be charged. 

Another thing worth noting is that self-employed applicants may find it challenging to pass stress tests unless they can provide 2 years of positive accounts. 

Some retired landlords may also struggle, even if they have a good pension in place and decent savings. 

And, if you have a family member or friend living in one of your existing rental properties, the mortgage providers may view this as risky. 

Buy to Let Stress Test Conclusion

At the end of the day, the best way to ensure that you pass the stressed ICR test and get your application genuinely considered on merit, is to acquire the services of a professional mortgage broker or advisor.

These professionals understand the finer intricacies of stress tests for buy-to-let properties and can also ensure that your documents are perfectly in place to ensure that your application is quickly processed without hiccups. 

Call us today on 03330 90 60 30 or contact us to speak to one of our friendly advisors.

According to Statista, the value of buy-to-let mortgages in the UK in 2024 at this point sits at around £11 billion, showing that the market is booming.

And if you’re in the market to purchase a buy-to-let property, you may wonder if you need the assistance of a mortgage broker, or if you can approach the purchase alone.

It may be tempting to forego the assistance of professional mortgage broker services to save on costs, but this could end up costing you more in the long run.

Below, we answer pertinent questions relating to buy-to-let mortgages and the role of professional mortgage brokers in the process. 

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What is a Buy-to-Let Mortgage?

A buy-to-let mortgage is used when the homeowner doesn’t wish to take occupancy of the property personally but will rent it out for a profit.

Fees and rates are typically higher on a buy-to-let mortgage as there’s perceived added risk, most likely because one cannot guarantee that their tenant will always pay in full and on time.

The amount you can borrow for a buy-to-let mortgage is based on your salary and how much you expect to charge as rent on the property.

What are Buy-to-Let Mortgage Terms?

While all buy-to-let mortgage providers UK have their own terms, most follow the same or similar terms as the following:

• Loan-to-value set at a max of 80% meaning that borrowers must come up with a 20% deposit.
• Loan options from £100,000.
• Interest set on variable, fixed, or tracker options.
• Capital and interest loans or interest-only loans.
• Amount allowed based on the income you’ll make on the property and how much you make in terms of regular salary.

A note on stamp duties: As part of a buy-to-let property, you must understand how stamp duties work. In general, stamp duties are around 3% higher than a first home’s.

Homes up to £125,000 usually have zero stamp duties, whereas a buy-to-let comes with 3% attached.

For first homes that range between £125,001 and £150,000, you can expect to pay 2% stamp duties and 5% stamp duties if the property is a second home on a buy-to-let mortgage.

Properties between £925,000 and £1.5 million come with 10% stamp duties on first homes and 13% on buy-to-let second homes. 

How Do Lenders Calculate the Max Amount They’ll Give You?

There’s no hard and fast rule on how UK buy-to-let mortgage providers will calculate how much you can borrow, but a “worst case scenario” calculation may give you some idea of how this is worked out. 

First, the mortgage provider will need an annual rental amount to work with, which is done by multiplying the expected rental amount by 12.

Then, divide the amount by 140% to come to a figure. Then, divide that figure by 5.5%.

In 2017, the tax for landlords was increased, which means that worst-case scenario calculations are a safer way for mortgage providers in the UK to estimate how much borrowers can apply for.

There are several instances where it’s possible to borrow more than this calculated amount, such as:

• Your current salary is large
• You purchase property through a limited company
• You get a 5-year fixed-rate
• Use a lender that doesn’t use the above “worst case scenario” calculation 

When & Why Using a Buy-to-Let Broker is a Good Idea

Many types of buy-to-let mortgages in the UK are available, and each may have its own set of criteria.

A buy-to-let broker has specialist knowledge for different scenarios, including buy-to-let mortgages for:

• First-time buyers and first-time landlords
• Foreign nationals
• Corporates
• British expats
• Student lets
• Large purchases over £1,000,000
• Several units on property
• Limited companies
• Properties for holiday rentals
• HMO

And more!

A buy-to-let mortgage provider can review your current financial situation and ensure that you only apply for an amount you’ll get approved for and can realistically afford.

Also, when choosing the mortgage type required for your UK buy-to-let, a professional mortgage broker can consider your investment goals and forecasts and ensure you end up with the right package from the right mortgage provider.

Working with a specialised buy-to-let mortgage broker means you’ll have access to offers from buy-to-let lenders, private banks, high street banks, and building societies.

You can save yourself a lot of time, money, and disappointment by using a buy-to-let broker with industry knowledge and experience to match.

Times When the Use of a UK Buy-to-Let Mortgage Broker is Particularly Useful

There are times when using a buy-to-let mortgage broker is particularly useful. These include:

• When switching from a regular mortgage to a buy-to-let mortgage. This means you’ll move out of your property to another main residence or a rental property so that you can rent out your current property. 
• You wish to have a regular mortgage but rent the rooms to lodgers. 
• You wish to rent your property without a buy-to-let mortgage because your circumstances have changed. You will need assistance getting permission from your current mortgage provider to let. 
• You need to access some of the equity you already have in the existing buy-to-let mortgage. A mortgage broker will help you approach this from the best possible angle with the lender.
• You wish to have an interest-only buy-to-let mortgage on a UK property. 

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Buy to Let Mortgage Broker UK Conclusion

The benefits of utilising the services of a professional buy-to-let mortgage broker are undeniable. You can save time by applying for the right package with the right lender.

You can even get professional assistance with paperwork to ensure the lender has everything they need the first time instead of experiencing delays in the process.

Buy-to-let mortgage brokers know what mortgage providers in the UK are looking for and their criteria. Your chances of getting approved for your buy-to-let mortgage are increased simply by using a broker.

Call us today on 03330 90 60 30 or contact us to speak to one of our friendly advisors.

Buy-to-let mortgages are a popular route for buying property for investment purposes and income in the UK.

According to Statista, in 2021, the total value of buy-to-let (BTL) mortgages far exceeded that of mortgages for personal home purchases.

The same report forecasts that buy-to-let mortgages in the UK 2024 will be worth around 11 billion pounds.

These statistics show that the buy-to-let market is thriving in the UK and is expected to continue.

But how much can you, as a potential landlord, borrow for a Buy-to-let property?

First and foremost, understanding what a buy-to-let mortgage is is important.

A buy-to-let mortgage is aimed at landlords who want to purchase a property to rent it to another person/family for profit.

A buy-to-let mortgage’s terms and conditions differ from a regular residential mortgage.

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Who Should Get a Buy-to-Let Mortgage and How Should They Get One?

Anyone who wishes to purchase a property to rent it for profit must get a buy-to-let mortgage in the UK.

Because the property will be rented to another individual and not the owner, the lender may see the situation as risky and impose certain conditions.

Here’s what you need to know:

• Applicants must have good credit in order to get approved.
• Some lenders require applicants to prove that they earn at least £25,000 per year.
• You cannot apply for a buy-to-let mortgage if you are over 75. Some lenders have a lower age restriction.
• Buy-to-let mortgages usually require a minimum deposit of 25%.
• The lender will provide you with funding depending on how much rental you earn on the property. Your rental amount should cover at least 125% of the monthly instalments.

The Finer Details of a Buy to Let Mortgage?

When applying for buy-to-let mortgages, you’ll find that their fees and interest rates are generally higher than other loan types.

While some lenders require a 25% deposit, others may require between 20% and 40%, depending on your financial situation.

Most lenders provide buy-to-let mortgages on an interest-only basis.

This means that the instalment you pay each month only covers the interest on the loan, and when the loan term ends, you will have to settle the final balance as a lump sum.

Ensure you know this lump sum to ensure you’ll afford it. If you want a regular repayment mortgage, ensure that you request this with the mortgage provider.

What is the Maximum You Can Borrow for a Buy to Let Property?

Regardless of how much you earn (not related to the property), the lender assisting you will be reluctant to borrow you an amount that cannot reasonably be recovered with profit from the rental amount.

Most lenders require the set rental on the property to be around 30% higher than the monthly mortgage instalment.

If the mortgage amount looks like it won’t be covered with a little extra from the rental, the lender may require you to put down a larger deposit.

Consulting with a rental agent or looking through local rental listings may give you a better idea of what you can realistically afford to charge in rent on your new property. 

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Of course, affordability will play a role. Because lenders provide around 75% to 80% LTV on buy-to-let mortgages, you’ll need to put down 20% to 20% deposit.

You can then request information on the interest rate and fees charged to you, add this to your capital amount and work out the expected monthly instalments.

It’s a good idea only to apply for mortgage amounts that you can comfortably repay each month, or you may find yourself in a financial pickle a few months into your mortgage.

What Taxes Are Charged on Buy-to-Let Mortgages?

Tax is an unavoidable inconvenience, and if you’re getting into a buy-to-let mortgage, it’s best that you’re aware of the taxes you’ll be liable for. Here’s a breakdown:

• Capital Gains Tax

If you’re earning an income from a property, you’ll be expected to pay tax on it. Capital gains tax is one of two types of tax you can expect to pay on buy-to-let properties. 

If your buy-to-let property is your second property, you can expect to pay capital gains tax of 18%.

Capital gains tax will be charged if you sell the property and profit more than £6,000. It’s a little different if you’re a joint owner.

For instance, if you purchase a BTL property with another person, the threshold can be doubled, allowing a gain of £12,000 before being taxed.

Owners can deduct certain bills from their capital gains tax amount, such as any losses on the sale of a property, estate agent fees, stamp duties, and solicitor fees.

All profits must be reported to the HMRC, and if there’s tax due, you will get one month to settle it.

• Income Tax

Any income you earn from your BTL property is seen as taxable, so income tax will apply. You must declare your income on a self-assessment tax return that applies to the year it was accrued.

Your income tax band will determine the fee, but this can range from 20% to 45%.

Deducting some expenses from your rental income to reduce your income tax amount is possible. This includes council tax, property maintenance costs, and letting agent fees.

How Much Can I Borrow For A Buy To Let Conclusion

If you’re interested in applying for a buy-to-let mortgage, it’s advised to consult with a professional mortgage broker who can explain how the mortgage works, what you can realistically afford based on your current financial position and the property you may be interested in and point you in the right direction in terms of making your initial application.

If you’re in the market for an investment property in the UK and want to get the ball rolling, get in touch with a professional mortgage advisor today!

Call us today on 03330 90 60 30 or contact us to speak to one of our friendly advisors.

A quick look at the statistics shows us that out of the 23.5 million households in the UK, more than two thirds are private or social renters.

That stat alone might make renting your property out when you’re travelling or on a work contract out of town seem attractive.

But, believe it or not, if you have a residential mortgage, you cannot let your property out privately for the short term without explicit permission.

The permission to rent your home for a short time is called a consent to let agreement, and you’ll need to acquire it from your mortgage provider.

Before you apply for a consent to let agreement, there are a few things you need to know and consider.

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What Consent to Let Means

Consent to let is a written agreement between you and your mortgage provider.

Its purpose is to provide permission to rent out your property for a specified period.

If you have a residential mortgage, this is the only way to rent your home legally.

If you rent out your property without obtaining consent from your mortgage provider, you will breach your contract, which is considered mortgage fraud.

If you rent your home without your mortgage lender’s permission, the provider could repossess your home or demand that you repay the entire outstanding mortgage amount immediately.

One thing to note is that consent to let is permission for a short-term rental, not long-term.

It doesn’t change your mortgage agreement. If you wish to rent your property out over the long term, you must transition your mortgage agreement to a buy-to-let mortgage.

What Consent to Let Costs

There are fees associated with consent to let agreements.

For starters, the lender will likely add a charge to your existing mortgage rate in the form of a percentage of the mortgage or a once-off fee – sometimes both.

Other associated costs you need to consider include:

• Tax on the rental amount (tax is charged on amounts over £1000 per year).
• Landlord insurance.
• Contract legal fees.
• Costs for maintenance and repairs.
• Rental agency fees.

It may also cost you if you need to get a gas safety certificate, fit a smoke alarm, get an energy performance certificate, and ensure that all furniture is compliant with Fire Safety Regulations.

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Acceptable Reasons for Requesting Consent to Let

In most instances, mortgage providers will provide consent to let if:

• You’re an Armed Forces member and have an upcoming tour in another country.
• You’re planning to travel for several months and won’t occupy the home.
• You’re going overseas on contract or need to relocate temporarily for short-term work.
• You need to move in with a relative to provide care.
• You’re waiting for your home to sell while moving in with a partner.

Pros of Consent to Let Agreements

The following advantages are linked to consent to let agreements in the UK as follows:

• Opportunity to test the waters of renting before committing to a buy to let mortgage.
• You can afford to move out of your property when selling without having to pay two mortgages.
• Earn additional income when travelling.
• Never have to worry about covering your mortgage costs when you can’t be at home.
• Can be used to avoid remortgaging.

Cons of Consent to Let Agreements

Some of the disadvantages associated with consent to let agreements include:

• Your mortgage cost will go up if the consent to let is approved.
• If you receive the consent to let but then cannot find suitable tenants, you will need to ensure that you cover your mortgage payments.
• There are several responsibilities and obligations associated with renting your property out.
• The tenants you rent to may not respect your home or furniture, which could lead to damage.

Can Consent to Let Applications be denied?

Yes, there are instances when a mortgage provider will reject an application for consent to let.

Some mortgage lenders require applicants to meet certain conditions, such as:

• The mortgage in question must be up-to-date with no arrears.
• No applications to borrow more against the property can be processed during the rental period.
• Home insurance providers must be notified of the mortgage change to ensure your cover isn’t impacted.
• The property can only be rented on a one tenancy agreement.
• The rental can only go forward on an assured shorthold tenancy.
• In some instances, lenders will not allow a consent to let if you’re planning to rent the property to a family member.

There are several other conditions that impact the outcome of consent to let applications.

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For instance, you’ll likely find that mortgage companies are more open to accepting consent to let applications if the mortgage is older than 6 months.

Also, mortgage providers will usually stipulate that multiple tenancies are not allowed and inform you of a maximum number of tenants for the property.

Some lenders require applicants to have at least 25% equity in the home before they grant consent to let, and you might even find that they require you to have a minimum income amount in order to push the agreement through.

Is Consent to Let Available for Help to Buy Properties?

If you have a Help to Buy mortgage, it’s not likely that the mortgage provider will approve an application for consent to let.

This is because the Help to Buy Equity Loan Scheme comes with terms and conditions attached, one of which states that the property cannot be rented out.

The only way you can sublet or rent out the property is if you’ve paid back the Help to Buy equity loan.

Of course, this doesn’t apply to all cases as in some instances, Armed Forces members who are on a tour of duty can sometimes get approval on their consent to let application.

Is a Buy to Let Mortgage Compulsory if You Wish to Rent Your Property Out?

One needs to be concerned about the legalities of renting out a property if there is no buy to let mortgage in place.

Typically, residential mortgages stipulate that renting the property out is not allowed.

This means that you’ll breach your contract terms if you go ahead and rent it out without a dedicated buy to let mortgage in place.

Mortgage fraud is illegal and comes with serious consequences attached.

Uncovering mortgage fraud is fairly simple. A lender could check the electoral register or scan letting adverts to discover that unauthorised rental is in progress.

You could be charged a hefty penalty, making your monthly mortgage payments much higher.

Some lenders may have a more severe reaction, such as demanding an immediate settlement of the outstanding loan amount.

When the homeowner cannot afford to repay the outstanding amount, the property can be repossessed.

Renting your property out without an official consent to let is very risky.

How Long Can You Rent Your Property Out on a Consent to Let Agreement?

Consent to let agreements cannot run indefinitely. Most mortgage providers that grant them will stipulate how long you can rent the property out for.

In most instances, lenders allow for 6, 12, and 24 month options, but this is determined per individual application.

At the end of the authorised rental period, the lease permission will expire, and your mortgage terms and fees will return to normal.

In some scenarios, if the account has been properly handled and if you wish to extend the rental period, the lender may be open to considering it.

There may also be the option to convert your mortgage to a buy to let mortgage.

This doesn’t mean that you’re obligated to convert to a buy to let mortgage with your existing lender if you choose to switch your mortgage to a buy to let agreement.

FAQs

Do I Need Consent to Let If I Get a Housemate or Lodger?

Yes, even renting out your spare bedroom is considered renting the property out.

The mortgage provider could take legal action against you for breach of contract.

In some instances, the lender may be more lenient and request that you ask the housemate or lodger to leave the property.

Are Costs Associated with Renting Out a Property Tax Deductible?

Yes, the fees associated with consent to let are tax-deductible.

You will likely get around 20% tax relief on mortgage interest while renting the property out.

Letting agency fees, building and contents insurance, maintenance and safety costs, and accountant fees associated with renting the property out are all tax-deductible.

What is the Process to Apply for Consent to Let in the UK?

Applying for consent to let is a relatively simple process and must be done directly with your existing mortgage provider.

You can contact your lender by phone, via email, or even via the lender’s website or mobile application.

Join mortgages will require both mortgage holders to apply together.

Call us today on 03330 90 60 30 or contact us to speak to one of our friendly advisors.

According to Statista, the value of buy-to-let mortgages in the UK in 2023 is at around 11 billion pounds.

If you’ve decided to invest in the UK to generate an income, buy-to-let mortgages have undoubtedly cropped up as a viable financing option.

But then, you hear about the deposit.

Unfortunately, buy-to-let mortgages require the investor to put down a larger initial deposit than regular residential mortgages.

This can be quite off-putting, especially if you’re a first-time investor or on a budget.

The good news is that you’re not strictly forced to pay a high deposit.

If you do things correctly, you can purchase a rental property with a reduced/smaller deposit.

But how? That’s where we come in.

We’ll give you all the information you need to approach the right mortgage providers in the right way to get the lowest possible deposit amount when securing your buy-to-let mortgage.

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What Deposit Can You Expect on Buy-to-Let Properties in the UK?

Mortgage providers have LTVs in place. What is an LTV?

LTV stands for loan-to-value and is a ratio of the assessed lending risk of the mortgage provider.

LTV ratios are calculated by simply dividing the amount borrowed by the property value. It’s expressed as a percentage.

For example, if the home you purchase is valued at £100,000, and then you pay a £10,000 deposit, you will only borrow £90,000.

This means your loan has an LTV ratio of 90%.

It’s good to know that most UK mortgage providers set the highest LTV deals aside for previously owned homes.

This means new builds, flats or similar will require a higher deposit amount.

Approximately 50% of UK mortgage providers impose a max LTV (loan to value) of 75%, with a third of mortgage providers with 80% in place.

What does this mean? It means you’ll need to put down a deposit of between 20% and 25% if you want the best possible mortgage offer.

Realistically, you can expect to get a maximum LTV of 80%.

Obtaining a 100% LTV is not possible when purchasing buy-to-let properties in the UK.

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What Costs Can You Expect?

When investing in buy-to-let property in the UK, you can expect to raise the deposit and then consider the additional fees, which include:

• Legal fees
• Renovation costs
• Maintenance costs
• Rental agency fees/property management fees

Tips to Get a Low-Deposit Buy-to-Let Property in the UK

With all this in mind, you may find that your credit score and current earnings impact your LTV, and you need to get a much higher deposit together.

There are steps you can follow to get the lowest possible deposit requirement, and we’ve featured these below:

Build Up a Healthy Deposit

Focus on raising as much as possible for your initial mortgage deposit.

If you can raise more than the 20% or 25% requested, you may find that you’ll get a better deal.

Of course, rules are involved, which stipulate that you must prove the sources of your deposit.

Buy-to-let mortgage providers will accept various sources of deposit, including the following:

• Life savings
• Profits from the sale of another property
• Inheritance
• Family loan
• Mortgaging another property
• Builder’s deposit
• Unsecured loan
• A gift
• Redundancy pay
• Concessionary purchase

Getting advice from a mortgage broker who can help you connect with mortgage providers who require the lowest possible deposit may be beneficial.

Some of the names in the industry that are already known to accept the lowest mortgage deposits include Vida Home Loans, Darlington, And Foundation Home Loans.

Get Advice from Experts in the Buy-to-Let Field

If you’re struggling to get your initial deposit raised and can only get 5% or even 15%, there are some potential options that you could get access to.

This will most likely require the assistance of a mortgage broker or specialist.

Be Thorough in Piecing Your Application Together

Your mortgage application must be solid, especially when your options are limited.

Lenders will look at your affordability and financial projections, but will also want to know more about your knowledge of being a landlord or any related experience.

How good your deal is may depend on which landlord category you fall into.

Generally speaking, there are four categories: first-time buyers, first-time landlords (who already own property), landlords (who already owns a buy-to-let property), and experienced landlords with a growing portfolio already.

You will need to present your case as carefully as possible.

Consult with a broker on the eligibility requirements and ensure that you meet them before processing your application.

General Eligibility Requirements for a Buy-to-Let Mortgage in the UK

When mortgage providers in the UK assess borrowers, they have a close look at their location, credit score, age, income, cash flow, employment status, and deposit amount.

To start with, applicants must be at least 18 years old with a good credit record.

You can apply for buy-to-let mortgages with bad credit, but it can take time to get approval.

In terms of affordability, most lenders will require a borrower to earn £25,000 or more per year.

The expected rental on the property should also cover the mortgage by approximately 125-145%.

The property type may get your mortgage application declined, so keep that in mind.

For example, mortgage providers tend to prefer brick-built homes such as terraced houses, semi-detached houses, and detached homes.

Often, mortgage applications are declined because they require too much in terms of renovations or if the property is made out of wood and concrete.

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How Much Deposit Do You Need for Buy to Let UK? Conclusion

The size of your initial deposit will set the scene for your mortgage deal.

Obviously, the higher your deposit is, the less you’ll need to borrow, and subsequently, your expenses will be lowed.

Of course, you can find ways to get the lowest possible deposit amount, and sometimes that requires consulting with a professional mortgage broker who can assist you or point you towards the best mortgage providers in the UK to deal with.

Call us today on 03330 906 030 or contact us to speak to one of our friendly advisors.

It is expected that the Bank of England to increase the base rate from the current to over 5% on 3 August 2023.

This news alone has got the average potential property investor in a flurry.

One thing is for sure, buy to let mortgage rates have sharply increased as lenders increase their fees in fear of a future hike to the Bank of England base rate.

This leaves the question begging: is now the right time to invest in property?

While buying a home for personal residence presents costs and possible financial difficulties for the average Briton, buy to let properties present an opportunity to make an income.

As such, more people are opting for buy to let repayment mortgages to ensure that their investment is paid off, and they can afford the ever-increasing cost of living.

If the idea of investing in buy to let property is appealing to you, you may find that getting approval during these tough financial times can prove difficult.

You’ll need to decide between the various buy to let mortgages available and have some understanding of the process.

While some opt for buy to let interest-only deals, we’re focusing on buy to let repayment mortgages as a viable option in this overview.

Using this guide, you can investigate the options available and make a confident decision.

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What are Buy to Let Repayment Mortgages, and Why Would You Want One?

Buy to let repayment mortgages require the investor to pay the capital and interest together throughout the loan agreement.

With this type of mortgage, you’re paying down both the interest and capital simultaneously.

If you don’t miss any instalments, you’ll have 100% property ownership by the end of your mortgage term.

Interest-only deals work differently in that you’ll only pay the interest for the term of your mortgage and will need to settle a lump sum at the end of the term, which is the capital loan amount.

For those interested in increasing their retirement nest egg, buy to let repayment mortgages are particularly attractive.

Once you’ve paid off the property, the amount you receive in the rental will be your income.

And if you choose to sell the property in the future, you will likely profit from the sale.

Qualifying Criteria for Buy to Let Repayment Mortgages

To successfully apply, you’ll need to:

• Pass an affordability assessment
• Have a good credit history
• Provide your employment details and proof of income
• Have details of the property you want to invest in at hand
• Have a deposit available

How to Buy to Let Repayment Mortgages and Interest-Only Mortgages Compare?

It’s evident that interest-only deals are the most chosen type of buy to let mortgage.

These mortgage options are viable financing avenues, and your investment goals will ultimately decide which is better for you.

Interest-only mortgages require an exit strategy, as you’ll still owe money on the deal when the mortgage term ends.

Either you’ll need to settle this in full or remortgage the balance.

If you opt for an interest-only mortgage, you can expect to have more available cash each month, as the instalments are lower than repayment mortgages.

That said, buy to let repayment mortgages are generally more affordable, as you’ll pay down capital and interest each month.

Apply for a remortgage today

Pros and Cons of By to Let Repayment Mortgages

As with most things in life, there are pros and cons to consider.

Some of the best advantages of buy to let repayment mortgages include:

• Once the loan term comes to an end, you’ll be the outright owner of the property.
• Most repayment mortgages come with lower interest rates than interest-only mortgages.
• You’ll have a secure form of income when you retire.
• Over time, interest on the mortgage decreases.
• You can pass the property on to your children or someone else.

The most common disadvantages associated with buy to let repayment mortgages include:

• It can be challenging to get approval for the mortgages.
• It’s not a given that your chosen lender will offer a buy to let repayment mortgage.
• If you’re hoping to invest in a particularly expensive property, you may find it hard to secure a buy to let repayment mortgage.
• Monthly instalments are typically higher than interest-only deals.

If you have several investment properties, you may want to diversify your portfolio by having some properties on an interest-only mortgage, and some on a repayment mortgage.

Tips for Getting the Best Buy to Let Repayment Mortgage Rate

Everyone wants to get the best possible deal they can, and if you want to ensure your repayment mortgage rate is as low as possible, you can do a few things.

The first is to ensure that you have a decent deposit to offer.

Make sure that your credit record is clear and that you’re shopping around for deals instead of accepting the first one that comes your way.

If you have outstanding debts, pay them off to have more cash flow available. Don’t make any hefty purchases for at least three months before applying for the mortgage.

Apply for a remortgage today

Buy to Let Repayment Mortgage In Conclusion

While interest rates are set to rise, there’s still a lucrative property landscape to be explored, especially for those looking for investment property for income purposes.

A buy to let repayment mortgage is a good option, and consulting with a mortgage expert can have you furnished with all the details you need to make a confident decision.

Call us today on 03330 90 60 30 or contact us to speak to one of our friendly advisors.

A buy-to-let mortgage is an excellent choice if you’re looking to buy a property as an investment rather than somewhere to live yourself.

Interest-only buy-to-let mortgages are very popular, with over 700,000 pure interest-only mortgages in the UK.

Here’s everything you need to know about interest-only buy-to-let mortgages in the UK to help you make an informed decision.

How do Buy To Let Interest Only Mortgages Work?

A buy-to-let interest-only mortgage allows you to pay only the interest on the loan every month for the duration of the mortgage.

Since you only pay interest on the buy-to-let mortgage, you must pay off the entire loan balance at the end of the term.

Most people pay off the balance as a lump sum by selling the property at a profit if it has gained value, or by extending the mortgage for a longer term.

You can also sell other assets or have a plan to pay off the remaining balance in case house prices fall and the value of the property is less than what you paid.

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What Are The Pros of A Buy to Let Mortgage Interest Only?

A buy-to-let interest-only option features various advantages, including:

Low Monthly Payments

With a buy-to-let mortgage interest only, you’ll make lower monthly payments because you’re only paying the interest on the loan and nothing else.

You can easily cover the interest payments with the rental income and remain with more money from the rent received than a repayment mortgage.

Most lenders require that the buy-to-let property generates a higher income than the amount you must pay back, which can be 125% to 145%.

You can also switch to another interest-only buy-to-let mortgage once the introductory period is over to ensure the interest-only payments remain low.

Higher Profits

Low monthly payments translate to higher profits from your rental income once the mortgage payment is deducted.

The surplus can be helpful in various ways, as it can help you cover unexpected costs like renovations or modifications.

You can also use it for professional or insurance fees, or save each month to afford another investment property.

With a buy-to-let repayment mortgage, your profit margins will be tight and possibly non-existent since you must cover monthly interest and capital payments.

Safety Net

Having tenants on your buy-to-let property isn’t guaranteed, and you may go a few months without making any money in rent.

A buy-to-let mortgage interest only can provide a kind of safety net since you’ll make lower monthly payments out of pocket than a repayment mortgage.

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Easier Affordability

Buy-to-let mortgage lenders don’t usually have minimum income requirements, but they insist that the rental income generated from the property exceeds the mortgage.

Depending on the lender, the rental income must be around 125% to 145% of the mortgage.

A buy-to-let mortgage interest only makes it easier to meet the lender’s affordability requirements because the monthly payments will be lower.

It’s easier to afford monthly interest-only payments and remain with profit from the rental income.

What Are The Cons of A Buy to Let Mortgage Interest Only?

You need to consider a few things when deciding to take out a buy-to-let mortgage interest-only, including:

More Interest Overall

Since the outstanding balance doesn’t reduce on a buy-to-let mortgage interest only, the interest level remains the same every month.

Therefore, you’ll end up paying more interest over the full term than a repayment mortgage.

With a repayment mortgage, you’re continuously paying down the capital each month, and the amount of interest you pay gradually reduces as you reduce the balance.

Related reading: 

• Reasons for remortgaging.
• Remortgaging to release equity.
• Remortgaging to buy another property.
• Remortgaging with bad credit.
• Remortgaging for home improvements.
• I own my house outright can I remortgage? 
• Capital raising mortgages.

It’s Considered a Higher Risk

Most lenders consider a buy-to-let mortgage interest only as riskier because you’re required to make one large payment at the end of the term.

Even if you have a plan on how you’ll pay the amount, there’s no guarantee that it will pan out as expected.

Most borrowers choose to sell their investment properties for a profit, but this leaves you at the mercy of the housing market as property prices can fall around the time your mortgage term ends.

You may fall short of the lump sum amount and need another repayment strategy, like an investment fund, to cover the balance.

Limited Ownership

You’ll not own the investment property at the end of the term since you only pay the interest and nothing on the actual mortgage balance.

You’ll only get full property ownership after making the lumpsum payment on the mortgage balance.

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Eligibility Criteria for Buy to Let Mortgage Interest only

Different lenders can have varying criteria, but some general factors lenders will look at include the following:

Rental Income

The property’s rental income potential is essential, since lenders use it to determine affordability.

Generally, you’ll use the rental income to make mortgage repayments, and you’ll need to have a forecast of the rental income from a registered letting agent.

Credit History

Adverse credit can make it challenging to qualify for a buy-to-let mortgage interest only, but it’s not impossible.

The severity, age, and amount involved in your credit issues can impact the lending decision, and enders can overlook less severe cases.

You can also find specialist lenders offering interest-only buy-to-let mortgages for borrowers with less-than-perfect credit scores through the help of a mortgage advisor or broker.

Property Type

Lenders set particular preferences on the property type they’re willing to finance.

Most stay away from investment properties with non-standard construction or houses of multiple occupancies (HMOs), but some are more flexible.

Age

Lenders can also set minimum and maximum age limits on their products.

Most require that you’re at least 21–25 years old and that you can finish repaying the mortgage by age 75-86.

How Much Deposit Do You Need?

You’ll usually need a larger deposit for a buy-to-let mortgage, and the higher the deposit, the better the deal terms.

Most lenders require a minimum 25% deposit for an interest-only buy-to-let mortgage.

Lower deposits can result in higher rates and fees, so aim for high deposits to get the best deals available.

Apply for a remortgage today

Buy to Let Mortgage Interest Only Final Thoughts

A buy-to-let mortgage interest-only option is an excellent choice to increase your cash flow and get reduced monthly mortgage payments.

However, it’s a significant financial decision, and you must ensure it’s your best option.

Ensure you consult an independent mortgage advisor with experience arranging buy-to-let interest-only mortgages to get qualified advice and access to the best deals.

Call us today on 03330 90 60 30 or contact us to speak to one of our friendly advisors.

The best buy to let remortgages involve straightforward processes with achievable criteria and reasonable rates that make switching beneficial and affordable.

Remortgaging a buy-to-let consists in changing your current buy-to-let mortgage deal to a new one.

The best remortgages for a buy-to-let are usually exclusive to independent mortgage brokers.

Getting the best deal depends on your situation and unique factors, including income, credit history, and equity.

Here’s everything you need to know about the best buy to let remortgages.

How do the Best Buy to Let Remortgages Work?

The best buy to let remortgages allow you to save money by moving to a lower mortgage rate or borrow more money by releasing the equity held in your property.

It can involve moving to a new lender or staying with your current lender, referred to as a product transfer.

Remortgaging a buy-to-let involves taking out a new mortgage on your property but under different terms and conditions.

Apply for a remortgage today

The process can be longer if you’re switching lenders because it consists in applying for a new mortgage all over again.

The buy-to-let remortgage process can involve various steps:

• Determine the loan to value – You’ll need to know the LTV you’re looking for based on how much you need to borrow. For example, if you want to borrow £150,000 and your rental property is £300,000, your LTV will be (150,000/300,000) x 100 = 50%. You’ll have more access to a better and broader range of products, lenders, and rates if you have a low LTV.

 

• Shopping around – While it’s worth asking your current lender about the remortgage deals available, you must also shop around and assess your options. This involves researching different lenders and remortgage products for the best deal, and you can use the help of a mortgage broker with whole-of-market access.

 

• Making your application – You must prepare and apply once you find a suitable lender and product. It includes information about you, your property, and your rental income. You’ll also undergo the same financial scrutiny you did when applying for your current mortgage.

Eligibility for the Best Remortgages for a Buy to Let

In addition to completing affordability assessments and credit checks, lenders will view your application differently than a residential one.

They’ll want to know why you want to remortgage and how much rent the property can generate compared to the mortgage cost.

Most lenders require the rental income to cover 125% to 145% of the monthly mortgage repayments.

Some also have income requirements, like earning a minimum of £25k to £45k, but not all.

The type of property or tenant you have can also be a factor for lenders. Most lenders disallow students, and anything non-standard in your property will raise red flags.

You can also face hurdles for the best buy to let remortgages if any perceived risks are involved, like having a house of multiple occupancy (HMO), a flat, a thatched cottage, or a timber frame.

Reasons for Remortgaging a Buy to Let

Saving Money

When your initial or fixed rate term ends, you’ll move to your lender’s standard variable rate (SVR), which is significantly higher, and you want to avoid this from happening.

Remortgaging to a new deal with a lower interest rate can help you save money.

Since you can no longer reduce your mortgage interest expenses from your tax bill, saving money has never been more critical for a landlord.

Apply for a remortgage today

Home Improvements

Remortgaging your rental property can help you release equity to fund home improvements like an extension, new kitchen, or additional bathroom.

It’s a common reason to remortgage and is accepted by most lenders, especially if you can show that the home improvements will add value and attract higher rent prices.

Expanding Your Portfolio

You can remortgage to raise money for buying additional properties and expanding your portfolio.

Depending on the size of your equity and whether your house has increased in value, you can raise enough money to fund buying another property outright or putting down a deposit.

The remortgage process can be complex depending on the number of properties you have, and you may need a lender specialising in landlords with a portfolio of properties.

Consolidating Debt

It’s common to remortgage to pay off debts, especially if you’ve gained substantial equity in your property through repayments or an increase in value.

Remortgaging can help you pay off debts in two ways.

It can help you negotiate lower interest rates and get lower mortgage payments, allowing you to put the saved amount towards other debts.

It can also allow you to borrow enough money to pay off other debts, but you should do this lightly since you’re essentially shifting it to your mortgage.

You should get professional advice before proceeding because you may pay more in the long run or get low rates since it can signal financial difficulty to lenders.

Buying Out a Partner

You can remortgage to raise enough money to buy out a partner or change specific mortgage terms if you own a buy-to-let property with someone else.

It will involve completing a new buy-to-let mortgage application with your current lender or a new one so they can determine if you can afford mortgage repayments alone.

There should be any hurdles, provided you meet the lender’s eligibility requirements and affordability criteria.

How Much Can I Borrow with the Best Buy to Let Remortgages?

The amount you can borrow with the best remortgages for a buy-to-let will depend on the equity you have in your property, your financial position, and the LTV ratio the lender is willing to stretch to.

The loan to value refers to the amount you want to borrow as a percentage of the property’s value.

Lenders apply different limits or maximum LTVs and usually offer better deals for borrowers with low LTVs.

Apply for a remortgage today

Best Buy to Let Remortgages Final Thoughts

Most lenders allow you to start the remortgage process three to six months before your current deal ends.

The Bank of England base rate recently increased and will likely rise again within the year, so now is the perfect time to remortgage and fix your deal to avoid increased mortgage rates.

A qualified mortgage broker can help you explore your options and give you access to some of the best buy-to-let remortgages available.

Call us today on 03330 90 60 30 or contact us. One of our advisors can talk through all of your options with you.

If you want to try your hand at being a landlord by investing in rental property but don’t have enough savings for a deposit or to buy it outright, you can remortgage to buy to let.

Remortgaging to a buy to let mortgage is a viable path that can help you raise enough cash to put down a deposit or buy an investment property outright, depending on the equity you have in your existing property.

Here’s everything you need to know about remortgaging to buy a rental property in the UK.

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Can I Remortgage to Buy to Let?

Yes. There are a few ways you can remortgage to buy to let.

You can remortgage and change a residential mortgage into a buy to let, or you can remortgage your property to get the funds needed to buy a buy to let property.

Purchasing a buy-to-let can require a significant deposit of at least 25% of the property value.

Getting such funds can be challenging.

You can remortgage an existing property, either a personal home or investment property, and unlock the equity held to release cash for your new purchase.

The equity is the value of the property you own outright and is the difference between the total property value and the amount you owe on the mortgage.

Your monthly payments will be higher since you’re increasing the size of your mortgage.

If your equity level is significant, it’s possible to get enough funds to buy an entire investment property, but in most cases, it’s usually only enough for a deposit.

Criteria for Remortgaging to Buy a Rental Property

Since you’re borrowing more money to release equity, the lender will need to reassess you in the same way as taking out a new mortgage to ensure affordability.

Criteria for remortgaging to buy a rental property can vary between lenders, but some general factors that will be considered include:

Rental Yield

The rental potential of the property you’re buying is essential for approval, and the rental income should be enough to cover the repayments.

Lenders will want a rental income forecast from a letting agent registered with the Association of Residential Letting Agents (ARLA).

Income Requirements

Some lenders can have minimum personal income requirements ranging from £25k-£30k.

Other buy to let mortgage providers can lend to you without individual income requirements, basing the agreement entirely on rental income.

Buy to let mortgage brokers with access to the whole market can help you access such lenders.

Apply for a remortgage today

Credit History

While a bad credit history can be a stumbling block, the severity, age, and amount of credit issues can play a part in the lending decision, with less severe problems being overlooked.

Specialist lenders who help borrowers with bad credit can be a suitable option if you’re concerned about how your credit history will impact your application.

Property Type

Most lenders steer clear of investment properties with non-standard construction and prefer apartments or flats made from standard brick and mortar.

Specialist lenders can be more flexible if you’re purchasing a unique property with non-standard construction.

Landlord Experience and Homeownership

A strong track record with rental properties gives lenders confidence that your plans are achievable, and some prefer to offer buy-to-let mortgages to borrowers with landlord experience.

Most lenders will also not allow a remortgaging to a buy to let if you haven’t owned a property for at least six months.

Do You Have to Remortgage to a Buy to Let with Your Current Lender?

No. You can remortgage with your current provider or move to a new lender.

Like all remortgages, it’s worth considering the deals from your current lender but still shopping around to see what other buy-to-let deals are available from other lenders.

You may end up with an expensive deal if you accept your current lenders’ deal immediately and miss out on better deals elsewhere.

Consider whether exiting your current deal will attract early repayment charges (ERCs), which can involve hefty fees, and determine whether or not it’s worth switching.

How Much Can You Borrow by Remortgaging to a Buy-to-Let?

The amount you can borrow by remortgaging to release equity will depend on how much equity you have in the property.

Most lenders have a maximum loan-to-value (LTV) ratio for borrowing, and you’ll likely be limited to around 75% of the property value.

Some providers can finance up to 80% of the property value under the right circumstances.

If you’re buying a significant development, you’ll likely need a commercial mortgage rather than traditional buy-to-let products.

Apply for a remortgage today

Is it Worth it to Remortgage to Buy to Let?

Understanding the benefits and drawbacks of this type of investment can help you determine whether remortgaging to buy to let is worth it.

These include:

Benefits

• Long-term Gains – The right investment property can bring short-term and long-term gains in the form of rental income and the possibility to make profits through a sale down the line when the property increases in value.
• Strong Rental Market – The demand for high-quality rental accommodations remains high, and you can capitalise on this as a landlord, especially in certain UK hotspots.
• Tax Benefits – You can reclaim the running costs of rental properties when submitting your tax returns each year. These can include mortgage repayment interest, repair costs, letting agent fees, council tax payments and other fees.

Drawbacks

Tenant-related Risks – Tenants always come with a risk, and you can experience periods of rental void where renters fall into arrears or cause damage to the property. It’s essential to have comprehensive insurance to safeguard yourself against such shortfalls.

High Stamp Duty – You’ll likely pay a higher stamp duty when you purchase a buy-to-let property and may have to fork out an extra 3% compared to a residential purchase.

Market Uncertainty – Although the demand for rental properties is high, the rental market can be uncertain, and rent prices can fall when influenced by external factors.

Apply for a remortgage today

Remortgage To Buy to Let UK Final Thoughts

Remortgaging to buy a rental property can be a great way to become a landlord and gain some extra income.

However, there are many significant factors to consider before taking the plunge.

Consulting an experienced buy-to-let mortgage advisor or broker can help you determine the best course of action and give you access to the best deals in the market.

Call us today on 03330 90 60 30 or contact us. One of our advisors can talk through all of your options with you.

If you’re moving away for work, travel, or to live with a partner, renting out your house can help you generate extra income to repay your mortgage while you’re gone.

But is it possible to rent out your house on a normal mortgage, or will you need to change it? Read on to find out.

Renting Out Your House On A Normal Mortgage

Whether or not you can rent out your house on a regular mortgage will depend on your lender and how long you wish to rent it out.

You must inform your lender that you want to let and get permission or consent to let on your current residential mortgage.

If your lender doesn’t allow it or has strict occupancy requirements, you may not be able to rent your house out on a residential mortgage.

The lender can only permit you to rent out temporarily or for a limited period.

If you want to rent out permanently or the lender doesn’t consent, you’ll need to switch to a buy-to-let mortgage.

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How Does Consent To Let Work?

Consent to let simply refers to permission from a mortgage lender to let out a property.

If the lender gives consent, it means they’re okay if you rent your house out while on your residential mortgage.

However, consent to let only lasts for a limited period, usually 6 to 12 months.

Consent to let is only suitable if you want to rent out your house for a short term.

For example, you want to move in with your partner but need to determine if you can live with them before selling your house.

With consent to let, you can rent your house while deciding whether you’ll move back in or go ahead and sell.

It can also be suitable if you want to travel for a few months and get extra income from the house to help pay the mortgage when you’re gone.

Having consent to let will be easier than switching to a buy-to-let mortgage and then reverting to the residential mortgage when you return.

Considerations When Seeking Consent To Let

Some of the factors lenders consider when deciding to grant your consent to let request include:

Income

A minimum income may be necessary to get permission to let. Some lenders will not consent to let if you’re not earning above a certain amount.

They may also require that the rental income from the property can easily cover the cost of mortgage repayments.

Equity

The lender may require that you have a certain amount of equity in your property.

Equity is how much of the property you own outright or simply how much cash you would be left with if you sold your house and paid off the mortgage.

A lender may require that you build up a decent amount of equity, like 25% of the house value, before granting consent to let.

Mortgage Length

Some lenders won’t grant consent to let unless you’ve been with them for a while.

It may be challenging to get consent to let if you’ve held your current mortgage for less than six months, with some lenders setting a minimum mortgage length of 12 months.

Shared Ownership or Help to Buy

Getting consent to let can be harder if you’re on a shared ownership or Help to Buy mortgage.

The schemes usually have strict criteria for letting the property and may even require that the government loan or shared ownership is paid off before converting to other mortgage types.

Cost of Renting Out Your House On A Normal Mortgage

Although some lenders can grant you consent to let with no additional charge and keep the terms of your original deal the same, most will set a charge for the permission.

It can be an admin or a fixed fee, or you may have to pay higher interest rates.

You must also consider other landlord costs, including energy performance and gas safety certificates and ensure your property meets fire safety regulations.

It’s wise to ensure that your rental income can cover all the costs plus your mortgage repayments.

Apply for a remortgage today

Must I Tell My Lender I’m Renting Out My House?

Yes. If you let out your house without the proper consent from your mortgage lender, you’ll be breaching the terms of your mortgage contract.

Living in the property is usually part of the mortgage conditions if you purchase a house on a residential mortgage.

Occupying it personally presents less risk than using it as an investment property or renting it out.

As a result, most owner-occupied mortgages require a lower down payment, offer lower interest rates and are easier to qualify for.

You may be accused of occupancy or mortgage fraud if you don’t tell the lender you’re renting out the property, which can have serious consequences.

The lender can demand immediate repayment of the entire loan or repossess the property. Although it doesn’t often happen, the lender would be within their rights to do so.

Most lenders settle on a change in terms with financial penalties like additional interest on top of the current one, regular additional payments or backdated payments on extra interest demanded for the period you were letting.

The consequences are not worth the risk, so it’s better to inform the lender and seek consent, and even if they refuse, you can simply switch to a buy-to-let mortgage.

Switch To A Buy To Let Mortgage To Rent Out Your House

If you don’t get permission or want to be a permanent landlord, you can switch to a buy-to-let deal with your current provider or remortgage onto a new deal with a different lender.

It will allow you to rent out your house for as long as you want, but it usually requires extra checks and assessments to ensure you can afford the buy-to-let mortgage.

In addition to assessing your affordability, lenders will require that the future rental income is at least 125% of the mortgage payments before agreeing to switch.

Apply for a remortgage today

Can I Rent My House Out On A Normal Mortgage? Final Thoughts

You’ll need to inform your mortgage provider and get consent to let if you want to rent your house out on a normal mortgage.

You can be liable for mortgage fraud if you don’t get permission.

Call us today on 03330 90 60 30 or contact us. One of our advisors can talk through all of your options with you.