Before you look at borrowing elsewhere, why not talk to us first to see if we can help.
We’ll assess your current circumstances to make sure borrowing from us is right for you. You’ll need to confirm:
- Your personal income
- Your current rental income if you’re a landlord
- How much you think your property is worth
- Your financial outgoings. Please tell us how much you pay for:
- School fees, and
- Any credit commitments you have such as loans, credit cards and overdrafts. We’ll need to know how much you owe on these too.
You’ll find it’s worth having these details to hand before you speak to us. This will help make the process quick and easy.
Book a call for a time that suits you or when you’re ready, give us a call.
*Calls are recorded for training and monitoring purposes. Lines are open 9am – 5pm Monday to Friday. We’re closed on Bank Holidays. 03 calls cost no more than calls to geographic numbers (01 or 02). Calls from landlines and mobiles are included in free call packages.
Got an idea of the amount you want to borrow? Use our calculator to see how much your monthly payment could be.
What do I need to know?
It’s important that any Buy to Let loan is affordable for you. Borrowing more against your rental property shouldn’t put you under any potential financial pressure.
How do you work out my affordability?
Rental properties are normally thought of as self-funding. This is where the rent you’re paid is enough to cover your monthly mortgage payment.
We’ll make sure the rent is enough to cover your existing loan and the extra you want to borrow. Part of our assessment will be based on the amount your tenants pay. The rent must be paid in British Pounds.
The loan you ask for could be cut back if the rent isn’t enough. However, we may be able to take your personal income into account if you meet certain criteria.
What happens if the rental or financial markets change?
You’ll still have to pay the full mortgage payment and any additional costs from letting your property if:
- The rent you charge falls below your monthly mortgage payment
- You have no tenants living in your property.
There are many factors that could affect your payments or the rent you can charge during the length of your mortgage i.e.
- If a new block of flats is built near your property, it could mean there are more properties to rent than there are tenants. This may cause the amount you’re able to charge to fall
- The interest rates will go up or down which means your mortgage payments might too.