How to apply for a Buy to Let mortgage
If you’re looking to apply for a Buy to Let mortgage, you’ll usually need a bigger deposit than for a residential mortgage. You’ll likely need at least a deposit of 25% of the house value.
How much you can borrow for a Buy to Let property will depend on how much rent you expect to get. Most lenders will want to see a rental income of 25% to 30% over and above your monthly repayments.
You’ll usually also need to provide all the usual evidence about your earnings and your finances. This includes your:
- Deposit
- Credit history and salary
- Any debts
- How much you’ll make from rent
You might also need the following documents:
- I.D. such as a driving licence or passport
- Gas, water or electric bills
- Proof of existing mortgage statement
- Proof of additional income
- P60 form
- Payslips for the last three months, or proof of income and tax returns if you’re self-employed
- Bank statements for the last three to six months
- Proof of your monthly outgoings
- Details of the property you want to buy
