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Getting to grips with buy to let
If you're thinking about buy-to-let, chances are you’ve already got some experience with home ownership, and for many, it’s an exciting next step. Whether you're planning to rent out a second property, looking at longer-term investment opportunities, or thinking about becoming a full-time landlord, a buy-to-let mortgage could help you get started.
But it’s important to know that buy-to-let works differently from a standard residential mortgage. The rules, the risks, and even how lenders assess your application are not quite the same. That’s why having the right advice early on can make a big difference.
If this is your first ever mortgage, we really recommend talking to one of our advisers before diving in. There may be better first steps for your goals or ways to build up your position to increase your chances of being approved in the future. Either way, we’ll give you honest, straightforward advice to help you confidently plan.
5 things you should know...
Discover how buy-to-let mortgages work, key differences from standard mortgages, and important considerations like tax implications, financial planning, and regulatory information.
Speak to an expertLenders assess them differently. Instead of focusing mainly on your income, they look at how much rent the property is likely to generate — and whether it covers the mortgage by a certain margin.
Buy-to-let mortgages typically require at least a 25% deposit, though some lenders may accept less with stricter conditions. A larger deposit can open up better deals and rates.
This means your monthly payments only cover the interest, not the loan itself. You’ll need a clear plan for repaying the full amount at the end of the mortgage term.
Most lenders prefer borrowers who already own a home, either outright or with a mortgage. If this would be your first mortgage, speak to us early, as there may be other steps to take first.
Rental income isn’t guaranteed, and you’ll still need to pay the mortgage even if the property is empty. That’s why it’s essential to get the right advice and build a plan that works for you long-term.
